Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 14-DEC-2022

GBP/JPY Daily Analysis

With the current retreat, intraday bias in GBP/JPY has turned neutral. On the upside, above 169.26 will bring a retest of 172.11 high. However, the break of 167.09 suggests that the corrective pattern from 172.11 is extending. Bias will be back on the downside for 164.02 support and possibly below.

In the bigger picture, medium-term upside momentum has been diminishing, as seen in bearish divergence conditions in the weekly MACD. A sustained break of 55-week EMA (now at 160.90) will argue that it’s already correcting the whole up trend from 123.94 (2020 low). Nevertheless, before that, such an uptrend could still extend through the 172.11 high.

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