Daily Pivots: (S1) 160.93; (P) 161.35; (R1) 161.97; More…
Intraday bias in GBP/JPY remains neutral at this point. Risk will stay on the downside as long as 163.32 resistance holds. Fall from 165.99 is seen as part of the whole fall from 172.11. Sustained break of 158.54 will argue that larger decline from 172.11 is resuming through 155.33 low. However, break of 163.32 will bring stronger rise back to 165.99 resistance instead.
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.
