GBP/JPY’s up trend resumed by breaking through 170.07 last week. Initial bias is now on the upside this week. next target is 100% projection of 148.93 to 165.69 from 159.71 at 176.47. On the downside, break of 168.71 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, up trend from 123.94 (2020 low), as part of the trend from 122.75 (2016 low) is still in progress. Further rise would be seen to 161.8% projection of 122.75 to 156.59 (2018 high) from 123.94 at 178.69. This will now remain the favored case as long as 148.93 support holds.
In the longer term picture, as long as 55 month EMA (now at 151.36) holds, rise from 122.75 could still extend higher at a later stage. Next target is 195.86 (2015 high).
