Daily Pivots: (S1) 165.80; (P) 166.45; (R1) 167.66; More…
Intraday bias in GBP/JPY remains on the upside for 168.40 resistance. Decisive break there will resume larger up trend. Next target is 100% projection of 150.95 to 168.40 from 155.57 at 173.02. On the downside, below 165.26 minor support will delay the bullish case and turn intraday bias neutral first.
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. However, firm break of 150.95 will indicate rejection by 167.93, and bearish trend reversal.
