Daily Pivots: (S1) 167.28; (P) 167.83; (R1) 168.94; More…
Intraday bias in GBP/JPY stays neutral for the moment. On the upside, above 169.26 will resume the rebound from 163.02 for retesting 172.11 high. On the downside, however, break of 164.02 support will resume the fall from 172.11 through 163.02 support.
In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 160.90) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.
