Daily Pivots: (S1) 165.84; (P) 167.82; (R1) 170.12; More…
Intraday bias in GBP/JPY remains neutral as consolidation from 170.07 is extending. In case of another retreat, downside should be contained above 159.71 support to bring another rally. On the upside, sustained trading above 169.10 resistance will confirm larger up trend resumption.
In the bigger picture, current development suggests that 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 pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.
