Daily Pivots: (S1) 154.95; (P) 155.19; (R1) 155.57; More…
GBP/JPY’s strong break of 155.38 minor resistance suggest that fall from 157.74 was merely a correction to rise from 148.49, and has completed at 152.88 already. Intraday bias is back on the upside for retesting 157.74/158.19 resistance zone. Firm break there will resume larger up trend. On the downside, break of 154.46 minor support will mix up the outlook again and turn intraday bias neutral.
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.
