Daily Pivots: (S1) 154.94; (P) 155.44; (R1) 155.97; More…
Intraday bias in GBP/JPY is turned neutral as it retreated after hitting 155.98. Some consolidations could be seen but further rally is expected as long as 153.97 support holds. As noted before, correction from 158.19 should have completed with three waves down to 148.94, after defending 148.93 key support. Break of 155.98 will resume the rise from 148.94 to retest 158.19 high next.
In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least
