Daily Pivots: (S1) 175.25; (P) 176.05; (R1) 177.65; More…
GBP/JPY’s up trend is still in progress. Intraday bias stays on the upside for 100% projection of 148.93 to 172.11 from 155.33 at 178.51 next. Strong resistance could be seen from there to bring pull back, at least on first attempt. On the downside, break of 174.33 minor support will turn intraday bias neutral first.
In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target will be 161.8% projection of 122.75 (2016 low) to 156.59 (2018 high) from 123.94 at 178.69. For now, medium term outlook will remain bullish as long as 167.82 support holds, even in case of deep pull back.
