Daily Pivots: (S1) 150.68; (P) 151.46; (R1) 151.87; More…
Intraday bias in GBP/JPY stays on the downside for the moment. Decline from 158.04, which is seen as the third leg of the consolidation pattern from 158.19, should target 148.94 support next. On the upside, break of 155.20 resistance is needed to indicate completion of the decline. Otherwise, outlook will be mildly bearish in case of recovery.
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.
