Daily Pivots: (S1) 159.67; (P) 160.90; (R1) 163.21; More…
Intraday bias in GBP/JPY is turned neutral after recovery from 158.54. Further decline is expected as long as 164.12 resistance holds. Fall from 165.99 is seen as part of the larger correction from 172.11. Below 158.54 will target 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.
