Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 20-MAR-2023

GBP/JPY Daily Analysis

The current intraday bias for GBP/JPY is neutral. The risk remains tilted to the downside, as long as the resistance level at 163.32 holds. The decline from 165.99 is viewed as part of the overall drop from 172.11. A sustained break below 158.54 will suggest that the larger decline from 172.11 is resuming, with a target of the 155.33 low.

Looking at the bigger picture, the medium-term bullishness for GBP/JPY is maintained as long as the 38.2% retracement level of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 remains intact. This implies that the larger uptrend from 123.94 (2020 low) is still ongoing. A later stage breakout above the high of 172.11 is expected to resume such an uptrend.

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