Daily Pivots: (S1) 160.00; (P) 161.05; (R1) 161.73; More…
Intraday bias in GBP/JPY is turned neutral with current recovery. Overall, corrective pattern from 168.67 is still extending. On the upside, above 162.77 minor resistance will turn bias back to the upside for 163.91 resistance. Break there will target 166.31. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.
