Daily Pivots: (S1) 154.95; (P) 155.19; (R1) 155.57; More…
GBP/JPY is staying in consolidation from 152.88 and intraday bias remains neutral. Further fall is still in favor with 155.38 minor resistance intact. Break of 152.88 will resume the decline from 157.74, as the third leg of the corrective pattern from 158.19, to 148.93 support next. However, sustained break of 155.38 will dampen this view and flip bias back to the upside for 157.74/158.19 resistance zone instead.
In the bigger picture, price actions from 158.19 are currently seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.
