Daily Pivots: (S1) 160.24; (P) 161.12; (R1) 162.80; More…
GBP/JPY recovered notably after dipping to 159.42 and intraday bias is turned neutral first. Sideway consolidation from 168.67 could extend further. Break of 166.31 resistance will be the first sign of up trend resumption. meanwhile, break of 159.42 will bring deeper fall towards 155.57 support next.
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.
