Daily Pivots: (S1) 162.20; (P) 164.16; (R1) 165.45; More…
GBP/JPY’s steep decline suggests that corrective pattern from 168.67 has started another falling leg. Intraday bias is back on the downside for 160.37 support first. Decisive break there will argue that deeper fall is underway towards 155.57 support next. On the upside, though, break of 163.88 minor resistance will turn intraday bias neutral again first.
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.
