Daily Pivots: (S1) 165.15; (P) 166.18; (R1) 167.34; More…
GBP?JPY’s rally continues today and intraday bias stays on the upside for 169.10. Firm break there will target 61.8% projection of 148.93 to 165.69 from 159.71 at 170.06, and then 100% projection at 176.47. On the downside, below 165.00 minor support will turn Intraday bias neutral first.
In the bigger picture, current development suggests that 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 pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.
