Daily Pivots: (S1) 155.38; (P) 156.04; (R1) 156.63; More…
Intraday bias in GBP/JPY remains on the upside for the moment. The corrective pattern from 158.19 might have completed with three waves to 150.95. Further rise should be seen to 158.04/19 resistance zone. Firm break there will resume larger up trend. On the downside, below 154.23 minor support will turn bias neutral again.
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.
