Daily Pivots: (S1) 164.49; (P) 165.50; (R1) 166.25; More…
Intraday bias in GBP/JPY stays neutral for the moment. On the upside, decisive break of 168.67 high will resume larger up trend. Next target is 100% projection of 155.57 to 168.67 from 159.42 at 172.42. On the downside, break of 163.91 resistance turned support will turn bias back to the downside to extend the corrective pattern from 168.67.
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.
