Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 18-August-2022

GBP/JPY Daily Analysis

GBP/JPY is still staying in the corrective pattern from 168.67. Intraday bias is mildly on the upside for 163.91 resistance. Break there will target 166.31 resistance next. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.

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 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of a deep pullback.

Latest Analysis