Detailed FX Market Outlook and Analysis

GBP/JPY Maintains a Neutral Outlook

GBP/JPY Analysis

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

  1. Intraday bias is neutral, with a potential downward move dependent on the resilience of 184.15 resistance.
  2. The ongoing price actions are viewed as a correction within the larger uptrend, originating from the 2022 low of 148.93.
  3. Sustained support at 172.11 is pivotal for the resumption of the overall uptrend from the 2020 low of 123.94.

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