GBP/JPY Daily Outlook and Analysis
The intraday perspective for GBP/JPY is currently neutral, as the currency pair consolidates beneath the temporary high of 166.84. A cautiously optimistic outlook will be maintained as long as support at 162.77 holds. If the pair rises above 166.84, the broader rebound from 155.35 will continue, aiming for the 169.28 resistance level next.
In the larger context, as long as the 38.2% retracement of the 123.96 (2020 low) to 172.13 (2022 high), which is at 153.72, holds, the medium-term bullish trend remains intact. This indicates that the broader uptrend originating from the 2020 low of 123.96 is still ongoing. A break of the 172.13 high to resume this uptrend is anticipated at a later stage.