GBP/JPY retreated after rebounding to 161.51 last week. Initial bias remains neutral this week first. On the upside, above 161.51 will bring further rise to 55 day EMA (now at 162.32) and above. Nevertheless, on the downside, break of 155.33 will resume the whole decline from 172.11 to 153.70 fibonacci level.
In the bigger picture, as long as 163.02 support turned resistance holds, decline from 172.11 medium term top is expected to continue to 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target 61.8% retracement at 142.34. Nevertheless, break of 163.02 support turned resistance will argue that the decline has completed, and retain medium term bullishness.
In the longer term picture, as long as 55 month EMA (now at 152.38) holds, rise from 122.75 could still extend higher at a later stage.
