Daily Pivots: (S1) 160.57 (P) 161.82; (R1) 163.58; More…
GBP/JPY recovered notably after dipping to 160.02 and intraday bias is turned neutral first. Outlook is unchanged that fall from 165.99 is probably developing into another falling leg of the corrective pattern from 172.11. Risk will stay on the downside as long as 165.99 resistance holds. Below 160.02 will target 156.70 support first, and then 155.33 low.
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.
