Daily Pivots: (S1) 152.28; (P) 153.48; (R1) 154.31; More…
Intraday bias in GBP/JPY is turned neutral at this point. Another fall is expected with 155.16 resistance intact. Break of 152.63 will resume the fall from 158.04 to 148.94 support. However, firm break of 155.16 will argue that fall from 158.04 has completed, and turn bias back to the upside for retesting 158.04/19.
In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 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.
