Daily Pivots: (S1) 153.57; (P) 154.02; (R1) 154.90; More…
GBP/JPY’s rise from 148.94 continues today and hit as high as 154.43 so far. Current development suggest that correction from 158.19 is complete after defending 148.93 support. Intraday bias stays on the upside for 154.70 resistance. Firm break there should confirm this bullish case and target a test on 158.19 high. Nevertheless, break of 153.02 minor support will mix up the near term outlook and turn intraday bias neutral again first.
In the bigger picture, strong rebound from 148.93 key structural support will retain medium term bullishness. Firm break of 158.19 high will resume whole up trend from 123.94 (2020 low), to 61.8% retracement of 195.86 to 122.75 at 167.93. Nevertheless, firm break of 148.93 will bring deeper correction to 38.2% retracement of 123.94 to 158.19 at 145.10, and possibly further lower, as a correction to up trend from 123.94 at least
