GBP/JPY’s rally from 155.33 resumed last week but retreated again after hitting 166.82. Initial bias is neutral this week for consolidations first. Outlook will stay cautiously bullish as long as 162.75 support holds. Above 166.82 will resume the larger rebound from 155.33 to 169.26 resistance next.
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.
In the longer term picture, as long as 55 M EMA (now at 153.64) holds, rise from 122.75 (2016 low) could still extend higher at a later stage to 195.86 (2015 high).
