GBP/JPY Analysis
The intraday bias within the GBP/JPY market maintains a neutral stance, persisting in a pattern of range trading. Anticipated is a further descent, contingent upon the resilience of the 184.15 resistance level. A breach below this threshold would signify a resumption of the downtrend initiated from the 188.63 pinnacle, setting the stage for a targeted descent towards the 38.2% retracement level at 173.46, based on the range from 148.93 to 188.63. Conversely, a decisive breach of the 184.15 mark would suggest the conclusion of the pullback from 188.63, paving the way for a retest of this preceding high.
The unfolding price movements from the 188.63 medium-term peak are presently construed as a corrective phase within the overarching uptrend originating from the 148.93 low of 2022. The continuity of the larger uptrend hinges on the ability of the 172.11 resistance-turned-support to maintain its efficacy. As long as this support level holds, the prevailing inclination favors a resumption of the upward trajectory from the 123.94 low of 2020, potentially extending through the 188.63 zenith at a subsequent stage.
Analysis Summary
The GBP/JPY intraday bias remains neutral, poised for a potential downturn pending the resistance at 184.15. The broader perspective suggests a corrective phase, with sustained support at 172.11 crucial for the continuation of the overarching uptrend from the 2020 low.
Key Points
- Intraday bias is neutral, with a potential downward move dependent on the resilience of 184.15 resistance.
- The ongoing price actions are viewed as a correction within the larger uptrend, originating from the 2022 low of 148.93.
- Sustained support at 172.11 is pivotal for the resumption of the overall uptrend from the 2020 low of 123.94.
