Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 09-MAY-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY remains neutral as the corrective pattern from 168.40 is still extending. A break of 159.59 will extend the correction from 168.40 lower. But downside should be contained by a 61.8% retracement of 150.95 to 168.40 at 157.61 to bring a rebound. On the upside, a firm break of 168.40 will resume the larger uptrend.

In the bigger picture, the uptrend 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 now remain the favored case as long as 150.95 support holds, even in case of a deep pullback.

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