Daily Pivots: (S1) 163.78; (P) 164.25; (R1) 164.84; More…
GBP/JPY’s break of 165.26 minor resistance suggests that consolidation from 168.67 has completed at 160.37. Intraday bias is back on the upside for retesting 168.67 high. Firm break there will resume larger up trend. On the downside, below 163.54 minor support will dampen this bullish view and turn bias back to the downside for 160.37 support instead.
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 155.57 support holds, even in case of deep pull back.
