Daily Pivots: (S1) 165.44; (P) 166.72; (R1) 167.44; More…
GBP/JPY falls slightly today but stays in established range. Intraday bias remains neutral for the moment. On the downside, break of 164.02 support will resume the whole fall from 172.11 through 163.02 support. Next target is 100% projection of 172.11 to 163.02 from 169.26 at 160.17. On the upside, break of 169.26 will target a retest on 172.11 high.
In the bigger picture, medium term upside momentum has been diminishing as seen in bearish divergence condition in weekly MACD. Sustained break of 55 week EMA (now at 161.26) will argue that it’s already correcting whole up trend from 123.94 (2020 low). Nevertheless, before that, such up trend could still extend through 172.11 high.