Daily Pivots: (S1) 157.21; (P) 158.83; (R1) 162.04; More…
GBP/JPY’s rebound form 148.93 extended higher and the break of 160.64 support turned resistance argues that fall form 169.10 is totally completed. Intraday bias is back on the upside for 169.10 next. On the downside, nevertheless, below 155.63 will turn bias back to the downside for retesting 148.93 low instead.
In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.
