GBP/JPY Daily Outlook 04-April-23

GBP/JPY Intraday Outlook and Analysis

Intraday bias in GBP/JPY remains neutral, and the outlook is unchanged. On the upside, a break of 166.01 could resume the entire rebound from 155.35 to 169.28 resistance next. However, on the downside, a break of 162.97 minor support will complicate the outlook and shift intraday bias to the downside, targeting 158.26 support instead.

In the bigger picture, as long as the 38.2% retracement of 123.96 (2020 low) to 172.13 (2022 high) at 153.72 holds, medium-term bullishness remains intact. This suggests that the larger uptrend from 123.96 (2020 low) is still in progress. A break of the 172.13 high to resume this uptrend is anticipated at a later stage.