Detailed FX Market Outlook and Analysis

GBP/JPY Daily Analysis 24-August-2022

GBP/JPY Daily Analysis

GBP/JPY is still extending the consolidation pattern from 168.67 and intraday bias remains neutral. On the upside, the break of 163.91 will bring a stronger rise to 166.31 resistance. 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 deep pullback.

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