Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 23-June-2022

GBP/JPY Daily Analysis

Intraday bias in GBP/JPY is turned neutral with the current retreat. On the upside, a decisive break of 168.67 resistance will resume a larger up trend. The next near-term target is a 100% projection of 155.57 to 168.67 from 159.97 at 173.07. On the downside, below 164.45 minor support will turn bias back to the downside for 159.97 support instead.

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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