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GBP/JPY Weekly Outlook

gbp/jpy-weekly-outlook

GBP/JPY’s rally resumed final week and it’s now urgent 183.99 excessive. Preliminary bias stays on the upside this week. Sustained break of 183.99 will affirm bigger up pattern resumption. Subsequent goal is 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. For now, close to time period outlook will keep bullish so long as 180.41 assist holds, in case of retreat.

Within the larger image, up pattern from 123.94 (2020 low) is in progress. Subsequent goal is 195.86 (2015 excessive). This can now stay the favored case so long as 176.29 assist holds, even in case of deeper pull again.

In the long run image, rise from 122.75 (2016 low) in nonetheless in progress to retest 195.86 (2015 excessive). Based mostly on present momentum, break of 195.86 is in favor. However sturdy resistance may nonetheless be seen from 61.8% retracement of 251.09 (2007 excessive) to 116.83 (2011 low) at 199.80 to restrict upside on first try.

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