Daily Pivots: (S1) 164.81; (P) 165.32; (R1) 165.83; More…
GBP/JPY’s fall from 167.84 resumed by breaking 164.45 minor support. Intraday bias is back on the downside for 159.97 support first. Firm break there will raise the chance of rejection by 167.93 long term fibonacci resistance. Deeper fall would be seen to 155.57 support for confirmation. On the upside, above 165.64 minor resistance will bring retest of 168.67 high instead.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 155.57 support holds, even in case of deep pull back.
