Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 08-SEP-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY stays on the upside for the moment. A firm break of 166.31 resistance will argue that the larger up trend is ready to resume through the 168.67 high. On the downside, below 164.16 minor support will turn intraday bias neutral first, and would probably extend the corrective pattern from 168.67 with more sideway trading.

In the bigger picture, the up trend from 123.94 (2020 low) is still in progress. A sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long-term bullish signal and could pave the way back to the 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pullback.

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