Daily Pivots: (S1) 158.67; (P) 161.41; (R1) 163.59; More…
GBP/JPY’s break of 160.02 indicates resumption of fall from 165.99. The development also argues that this decline is part of the larger correction from 172.11. Intraday bias is back on the downside for 156.70 support first. Break will target 155.33 low. For now, risk will remain on the downside as long as 164.12 resistance holds, in case of recovery.
In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.
