GBP/JPY Daily Outlook...from Congreve

11 Aug 2020, 15:40 · Views 2,197

Daily Pivots: (S1) 137.81; (P) 138.31; (R1) 138.77;

Intraday bias in GBP/JPY remains neutral for the moment. Further rise is in favor as long as 136.62 resistance turned support holds. On the upside, firm break of 139.73 will resume whole rise form 123.94. Next target will be 100% projection of 123.94 to 135.74 from 129.27 at 141.07. However, firm break of 136.62 will turn intraday bias back to the downside to extend the consolidation pattern from 139.73.

In the bigger picture, rise from 123.94 is currently seen as a rising leg of the sideway consolidation pattern from 122.75 (2016 low). As long as 147.95 resistance holds, an eventual downside breakout remains in favor. However, firm break of 147.95 will raise the chance of long term bullish reversal. Focus will then be turned to 156.59 resistance for confirmation.

Reprinted from ActionForex，the copyright all reserved by the original author.

Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.

Like this article? Show your appreciation by sending a tip to the author.