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GBP/JPY Each day Outlook


Each day Pivots: (S1) 158.77; (P) 161.19; (R1) 162.41; Extra…

GBP/JPY’s fall from 168.40 continues to be in progress and will lengthen to 61.8% retracement of 150.95 to 168.40 at 157.61. Sturdy assist is anticipated there to comprise draw back to carry rebound. On the upside, break of 163.57 minor resistance will flip bias again to the upside for retesting 168.40 excessive. Nevertheless, agency break of 157.61 will carry deeper fall to 150.96 structural assist.

Within the greater image, up pattern from 123.94 (2020 low) continues to be in progress. Sustained break of 61.8% retracement of 195.86 (2015 excessive) to 122.75 (2016 low) at 167.93 will likely be a long run bullish sign, and will pave the best way again to 195.86 excessive. This may now stay the favored case so long as 150.95 assist holds, even in case of deep pull again.

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