Daily Pivots: (S1) 156.63; (P) 157.08; (R1) 157.77; More…
GBP/JPY’s firm break of 158.19 resistance confirms resumption of larger up trend from 123.94. Intraday bias stays on the upside. Next target is 61.8% projection of 136.96 to 158.19 from 150.95 at 164.07. On the downside, below 157.48 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, up trend from 123.94 (2020 low) should still be in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 to 122.75 at 167.93. This will now remain the favored case as long as 148.94 support holds.
