Daily Pivots: (S1) 163.87; (P) 165.66; (R1) 166.94; More…
Intraday bias in GBP/JPY stays neutral first. Strong rebound from 55 day EMA (now at 165.37) will retain near term bullishness. Break of 169.06 minor resistance will bring retest of 172.11 high first. However, sustained break of 55 day EMA will raise the chance of larger scale correction, and target 159.71 support and below.
In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 159.71 support holds.
