Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 08-June-2023

Daily Analysis - Forex

GBP/JPY Update and Intraday Analysis

GBP/JPY remains in a consolidation phase from 174.68, and the intraday bias is currently neutral. While a deeper pullback cannot be ruled out, the overall outlook will maintain its bullish stance as long as the support level of 167.84 remains intact. On the upside, a breakthrough above 174.68 would signal the resumption of the larger uptrend, targeting the 100% projection level of the range from 148.95 to 172.13, calculated from 155.35, to 178.57.

Today’s GBP/JPY Daily Analysis suggests that the uptrend from the 2020 low of 123.96 is still in progress. The next target would be the 161.8% projection level of the range from 122.77 (2016 low) to 156.61 (2018 high), calculated from 123.96, at 178.75. The medium-term outlook will remain bullish as long as the resistance-turned-support level at 166.01 holds, even in the event of a deep pullback.

GBP/JPY Daily Analysis Summary

To summarize, the daily analysis for GBP/JPY suggests a neutral bias as the market continues to consolidate from 174.68. The overall outlook remains bullish, with a potential resumption of the uptrend upon a breakthrough above 174.68. In the bigger picture, the upward movement from the 2020 low is expected to continue, with the next target set at the 161.8% projection level. Traders and investors should closely monitor price movements and key levels to make well-informed trading decisions.

  • GBP/JPY remains in a consolidation phase, with a neutral intraday bias
  • The overall outlook maintains a bullish stance as long as support at 167.84 holds
  • Breakthrough above 174.68 would signal resumption of larger uptrend, targeting 178.57

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