Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 10-June-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY remains neutral for consolidation below 168.67 temporary top. The downside of the retreat should be contained above 162.88 minor support to bring another rally. On the upside, above 168.67 will resume a larger up trend to a 100% projection of 150.95 to 168.40 from 155.57 at 173.02.

In the bigger picture, the up trend from 123.94 (2020 low) is still in progress. 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 155.57 support holds, even in case of deep pull back.

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