Daily Pivots: (S1) 163.18; (P) 163.76; (R1) 164.92; More…
GBP/JPY’s rebound from 155.33 resumes by breaking 163.73 and intraday bias is back on the upside. Corrective fall from 172.11 should have completed at 155.33 already. Further rally should be seen to 169.26 resistance first, and then 172.11 high. For now, outlook will stay cautiously bullish as long as 161.18 support holds, in case of retreat.
In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 intact, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.
