Daily Pivots: (S1) 164.78; (P) 165.10; (R1) 165.56; More…
Intraday bias in GBP/JPY remains on the upside at this point. Sustained break of 61.8% projection of 150.96 to 164.61 from 159.02 at 167.46 will pave the way to 100% projection at 172.68. On the downside, below 166.13 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.
