GBP/JPY Daily Analysis
GBP/JPY’s retreat from 168.40 extends lower today but stays above 159.02 support. Intraday bias remains neutral first and the outlook stays bullish. On the upside, the break of 168.40 will resume a larger uptrend. However, a firm break of 159.02 will dampen this bullish case and bring a deeper pullback.
In the bigger picture, the up trend from 123.94 (2020 low) is still in progress. A sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long-term bullish signal and could pave the way back to the 195.86 high. This will now remain the favored case as long as 150.95 support holds, even in case of a deep pull back.
