Daily Pivots: (S1) 152.11; (P) 152.76; (R1) 153.57; More…
Intraday bias in GBP/JPY remains neutral for the moment, and further decline is expected with 155.20 resistance intact. On the downside, break of 150.95 will resume the fall from 158.04, as the the third leg of the consolidation pattern from 158.19, to 148.94 support. However, firm break of 155.20 will bring stronger rise back to 158.04/19 resistance zone.
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.
