Daily Pivots: (S1) 163.17; (P) 163.50; (R1) 164.06; More…
Intraday bias in GBP/JPY is turned neutral with current recovery. Overall, consolidation from 168.40 is still extending. Below 162.72 will turn bias back to the downside for 159.42. . But downside should be contained there to bring rebound. Firm break of 169.91 will resume larger up trend. However, break of 159.42 support will now be a sign of bearish reversal and target 155.57 support next.
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.
