GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 149.05; (P) 149.50; (R1) 149.99; More…

GBP/JPY’s break of 150.80 minor resistance suggests that fall from 152.82 has completed, after defending 149.03 key support again. Intraday bias is back on the upside for 152.82 resistance first. Sustained break there will argue that whole consolidative pattern from 156.05 has completed and bring retest of this high. On the downside, again, decisive break of 148.43/149.16 key support zone will resume whole fall from 156.05 to 143.78 fibonacci level.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). As long as 149.03 support holds, such rise would still resume at a later stage. However, sustained break of 149.03 support will indicate rejection by 156.59. Fall from 156.05 would be at least correcting the whole rise from 123.94. Deeper fall would be seen back 38.2% retracement of 123.94 to 156.05 at 143.78 first.

September 24, 2021 at 02:10AM
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