Daily Pivots: (S1) 166.83; (P) 167.38; (R1) 167.77; More…
GBP/JPY’s retreat from 168.40 extends lower today and intraday bias bias remains neutral at this point. Downside of retreat should be contained well above 159.09 support to bring up trend resumption. However, firm break of 159.02 will indicate rejection by 167.93 long term fibonacci resistance, and carry larger bearish implications.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.
