Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 12-OCT-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY remains neutral and the outlook is unchanged. On the downside, below 159.41 minor support will turn the bias back to the downside for 148.93 again. However, a firm break of 169.10 will confirm the resumption of the larger up trend. Also, while further rise could be seen, strong resistance might be seen from the 169.10 high to limit the upside, at least on the first attempt.

In the bigger picture, strong support from a 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, a rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.

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