Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 15-July-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY remains neutral for the moment. On the upside, a firm break of 165.26 minor resistance will argue that the corrective pattern from 168.67 has been completed. The further rise should be seen to retest 168.67 high next. On the downside, the break of 160.37 will bring a deeper fall back towards 155.57 support.

In the bigger picture, the up trend 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 155.57 support holds, even in case of a deep pullback.

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