Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 1-NOV-2022

GBP/JPY Daily Analysis

GBP/JPY retreated after hitting 172.11 and intraday bias is turned neutral first. The downside of the retreat should be contained above 164.95 support to bring another rally. A break of 172.11 will resume a larger up trend and target a 100% projection of 148.93 to 165.69 from 159.71 at 176.47 next.

In the bigger picture, the up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. A further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.

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