GBP/JPY Daily Outlook

Daily Pivots: (S1) 167.41; (P) 168.40; (R1) 169.15; More…

Intraday bias in GBP/JPY is turned neutral first as consolidation from 170.07 is extending. Downside of retreat should be contained above 159.71 support to bring another rally. Break of 170.07 will target 100% projection of 148.93 to 165.69 from 159.71 at 176.47

In the bigger picture, current development suggests that 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 pave the way to retest 195.86 high. This will now remain the favored case as long as 148.93 support holds.

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