Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 08-FEB-2023

GBP/JPY Daily Analysis

The current outlook for GBP/JPY is neutral and unchanged. A break below 155.33 would resume the downward trend from 172.11 to the 153.70 Fibonacci level. On the other hand, sustained trading above the 55 day EMA (currently at 161.42) would indicate a shift to an upward bias and target the 169.26/172.11 resistance zone.

In the larger context, as long as the former support at 163.02 remains as resistance, the medium-term downward trend from 172.11 is expected to continue towards 153.70, which is the 38.2% retracement of 123.94 to 172.11. A sustained break below 153.70 could signal a reversal of the trend and target the 61.8% retracement at 142.34. Conversely, a break above 163.02 would suggest the completion of the downward trend and maintain medium-term bullishness.

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