Daily Pivots: (S1) 168.43; (P) 169.19; (R1) 170.53; More…
GBP/JPY is staying below 170.07 and intraday bias remains neutral. But further rally is still in favor. Firm break of 170.07 will confirm up trend resumption. Next target is 100% projection of 148.93 to 165.69 from 159.71 at 176.47. Nevertheless, break of 164.95 minor support will turn bias back to the downside for 159.71 support instead.
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.
