Daily Pivots: (S1) 164.70; (P) 165.35; (R1) 166.51; More…
GBP/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. The break of 166.31 resistance suggests that larger up trend is ready to resume. Further rise should be seen to retest 168.67 high first. Decisive break there will confirm and target 100% projection of 155.57 to 168.67 from 159.42 at 172.42. On the downside, below 164.28 minor support will mix up the outlook and turn bias neutral first.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.
