Daily Pivots: (S1) 164.52; (P) 165.87; (R1) 167.23; More…
Intraday bias in GBP/JPY remains mildly on the downside for 163.02 support. Break there will resume the whole decline from 172.11 and target 159.71 support next. For now, risk will stay on the downside as long as 167.40 minor resistance holds, in case of recovery.
In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 123.94 (2020 low) could still resume through 172.11 high at a later stage. However, firm break of 159.71 support will argue that it’s already in correction to the up trend from 123.94, and deeper decline would be seen back towards 148.93 support.
