GBP/JPY Daily Outlook and Market Analysis

Tuesday, 30 July 2024, 07:11

The intraday bias for GBP/JPY remains neutral as price consolidates above 195.84. The expectation is for further decline if the 55 4H EMA, currently at 200.20, holds strong. Should trading remain below the 38.2% retracement level of 196.71, a larger correction toward the 185.49 Fibonacci level could be on the table. Conversely, a break above the 55 4H EMA points to a possible rebound towards the 55 D EMA at 200.63.
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GBP/JPY Daily Outlook and Market Analysis

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.


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