Daily Pivots: (S1) 154.84; (P) 155.50; (R1) 156.78; More…
GBP/JPY’s rise from 150.95 accelerates to as high as 156.58 so far. Break of 155.20 resistance argues that pull back from 158.04 has completed. Also, the corrective pattern from 158.19 might have finished too. Intraday bias is now on the upside for 158.04/19 resistance. Firm break there will resume larger up trend. On the downside, below 154.23 minor support will turn bias neutral again.
In the bigger picture, price actions from 158.19 are seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 38.2% retracement of 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.
