Daily Pivots: (S1) 171.15; (P) 171.62; (R1) 172.26; More…
GBP/JPY’s rally continues today and hit as high as 172.29 so far. Intraday bias remains on the upside at this point. Decisive break of 172.11 high will resume larger up trend and target 100% projection of 148.93 to 172.11 from 155.33 at 178.51. On the downside, below 170.76 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, based on current momentum, up trend from 123.94 (2020 low) is likely ready to resume. Next target is 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 165.40 support holds, in case of retreat.
