Daily Pivots: (S1) 160.77; (P) 161.75; (R1) 163.41; More…
Overall, GBP/JPY is still extending the corrective pattern from 168.67. Intraday bias is back on the upside with break of 162.77 minor resistance. Further rise is in favor to 163.91 first. Break there will target 166.31 resistance next. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.
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 remain the favored case as long as 155.57 support holds, even in case of deep pull back.
