Daily Pivots: (S1) 158.77; (P) 161.19; (R1) 162.41; More…
GBP/JPY’s fall from 168.40 is still in progress and could extend to 61.8% retracement of 150.95 to 168.40 at 157.61. Strong support is expected there to contain downside to bring rebound. On the upside, break of 163.57 minor resistance will turn bias back to the upside for retesting 168.40 high. However, firm break of 157.61 will bring deeper fall to 150.96 structural support.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 150.95 support holds, even in case of deep pull back.
