Daily Pivots: (S1) 159.87; (P) 161.29; (R1) 162.33; More…
Intraday bias in GBP/JPY remains neutral for consolidation below 164.61. But overall outlook will stay bullish as long as 158.04 resistance turned support holds. On the upside, sustained break of 164.61 will resume larger up trend to long term fibonacci level at 167.93. However, firm break of 158.19 will turn bias to the downside and bring deeper pull back.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal. This will now remain the favored case as long as 150.95 support holds.
