GBP/JPY Daily Outlook and Market Analysis
Tuesday, 30 July 2024, 07:11
GBP/JPY Daily Outlook
The intraday bias for GBP/JPY is currently neutral as the market experiences consolidations above 195.84.
Market Expectations
- If the 55 4H EMA (currently at 200.20) holds, further declines are anticipated.
- Trading sustained below 38.2% retracement of 178.32 to 208.09, which is at 196.71, indicates that a larger scale correction is in effect.
- The target for this correction is the 185.49 Fibonacci level.
Potential Upside
However, if there is a sustained break of the 55 4H EMA, the market bias will shift back to an upside scenario. This would suggest a stronger rebound towards the 55 D EMA (now at 200.63).
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.