Daily Pivots: (S1) 162.01; (P) 163.04; (R1) 164.22; More…
Intraday bias in GBP/JPY remains neutral first. On the upside, break of 165.99 resistance will resume the rally from 155.33. That would also revive the case that correction from 172.11 has completed. Further rise should be seen back to retest 172.11 high. However, below 160.02 will bring deeper fall to 156.70 support instead.
In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, 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.
