Daily Pivots: (S1) 160.83; (P) 161.32; (R1) 162.27; More…
Intraday bias in GBP/JPY is back on the upside with break of 161.51 resistance. Sustained trading above 55 day EMA (now at 162.09) should pave the way to 169.26/172.11 resistance zone. On the downside, though, below 159.17 minor support will turn intraday bias neutral again.
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.
