Daily Pivots: (S1) 161.60; (P) 162.91; (R1) 163.87; More…
GBP/JPY’s break of 161.18 support now argues that rebound from 155.33 has completed at 165.99 already. Fall form 165.99 is probably developing into another falling leg of the corrective pattern from 172.11. Intraday bias is back on the downside for 156.70 support first, and then 155.33 low. On the upside, above 163.03 minor resistance will turn intraday bias neutral first.
In the bigger picture, as long as 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 high) at 153.70 holds, 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.
