Daily Pivots: (S1) 167.61; (P) 168.32; (R1) 169.50; More…
GBP/JPY’s break of 168.99 resistance suggests that rebound from 163.02 is resuming. Intraday bias is back on the upside for retesting 172.11 high. Firm break there will resume larger up trend. On the downside, however, break of 167.09 will turn intraday bias neutral again , and extend near term corrective pattern.
In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 160.90) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.
