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GBP/JPY Every day Outlook

gbp/jpy-every-day-outlook

Every day Pivots: (S1) 156.07; (P) 156.76; (R1) 157.21; Extra…

Intraday bias in GBP/JPY stays impartial for consolidation beneath 157.74. Additional rally is predicted with 154.86 help intact. On the upside, decisive break of 158.19 excessive will resume bigger up development to 167.93 long run fibonacci degree. On the draw back, beneath 154.86 minor help will flip intraday bias again to the draw back for deeper pull again.

Within the greater image, sturdy rebound from 148.93 key structural help retains medium time period bullishness. Agency break of 158.19 excessive will resume entire up development from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. However, agency break of 148.93 will carry deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and presumably additional decrease, as a correction to up development from 123.94 at the very least.

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