GBP/JPY’s up pattern continued final week and there’s no signal of topping but. Preliminary bias stays on the upside this week for 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. Agency break there’ll goal 100% projection at 195.40. On the draw back, under 189.83 minor help will flip intraday bias impartial and produce consolidations, earlier than staging one other rally.
Within the greater image, up pattern from 123.94 (2020 low) is in progress. Medium time period outlook will keep bullish so long as 178.32 help holds. Subsequent goal is 195.86 long run resistance (2015 excessive).
In the long term image, rise from 122.75 (2016 low) is seen because the third leg of the sample from 116.83 (2011 low). Additional rally will stay in favor so long as 172.11 resistance turned help holds. Break of 195.86 (2015 excessive) is feasible. However robust resistance could possibly be seen from 61.8% retracement of 251.09 (2007 excessive) to 116.83 at 199.80 to restrict upside, at the very least on first try.
