Daily Pivots: (S1) 162.10; (P) 162.93; (R1) 164.37; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Correction from 172.11 should have completed with three waves down to 155.33. Further rise should be seen to retest 169.26/172.11 resistance zone. For now, further rally will remain in favor as long as 160.44 minor support holds, in case of retreat.
In the bigger picture, corrective decline from 172.11 medium term should have completed at 155.33. With 38.2% retracement of 123.94 to 172.11 at 153.70 intact, medium term bullishness is retained. That is, larger up trend from 123.94 (2020 low) is still in progress. Break of 172.11 high to resume such up trend is expected at a later stage.
