Daily Pivots: (S1) 162.09; (P) 162.84; (R1) 163.29; More…
Intraday bias in GBP/JPY is turned neutral with a temporary top formed at 163.73. The favored case is still that correction from 172.11 has completed with three waves down to 155.33. Above 163.73 would resume the rebound from1 55.33 to 169.26/172.11 resistance zone. However, break of 160.44 minor support will dampen this case and bring retest of 155.33 low instead.
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.
