Daily Pivots: (S1) 159.36; (P) 160.33; (R1) 161.61; More…
Intraday bias in GBP/JPY stays neutral for the moment. On the upside, above 161.51 will bring further rise to 55 day EMA (now at 162.32). Sustained trading above there will pave the way to retest 172.11 high. 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.
