GBP/JPY Daily Outlook 31-MARCH-23

GBP/JPY Daily Outlook and Analysis

Intraday bias in GBP/JPY remains on the upside for 166.04 resistance. A break there will resume the entire rebound from 155.38 to 169.31 resistance next. On the downside, however, a break of 163.00 minor support will complicate the outlook and turn intraday bias neutral.

In the broader picture, as long as the 38.2% retracement of 123.99 (2020 low) to 172.16 (2022 high) at 153.75 holds, medium-term bullishness is maintained. That is, the larger uptrend from 123.99 (2020 low) is still in progress. A break of the 172.16 high to resume this uptrend is expected at a later stage. This analytical approach to GBP/JPY movements is vital for search engines and readers seeking updated information on currency market trends.