Daily Pivots: (S1) 172.70; (P) 173.20; (R1) 173.88; More…
GBP/JPY is staying in consolidation from 174.25 and intraday bias remains neutral. Further rally is expected as long as 171.26 support holds. Break of 174.25 will resume larger up trend to 100% projection of 148.93 to 172.11 from 155.33 at 178.51. Nevertheless, break of 171.26 minor support will delay the bullish case, and turn bias to the downside for deeper retreat.
In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 155.33 support holds, even in case of deep pull back.
