Daily Pivots: (S1) 152.28; (P) 153.48; (R1) 154.31; More…
GBP/JPY’s fall resumes by taking out 153.34 temporary low and intraday bias is back on the downside. Fall from 158.04 is seen as the third leg of the corrective pattern from 158.19. Break of 152.88 will target 148.94 support next. Risk will remain on the downside as long as 155.16 resistance holds, in case of recovery.
In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.
