Daily Pivots: (S1) 161.53; (P) 162.72; (R1) 164.84; More…
GBP/JPY’s rally from 148.93 is still in progress and intraday bias stays on the upside. Further rally should be seen to retest 169.10 high. Strong resistance could be seen there to limit upside, at least on first attempt. On the downside, below 159.41 minor support will turn intraday bias neutral first. However, firm break of 169.10 will confirm resumption of larger up trend.
In the bigger picture, strong support from 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.
