GBP/JPY Daily Analysis
Intraday bias in GBP/JPY remains neutral for the moment. The corrective pattern from 168.40 could extend further. In case of another fall, the downside should be contained by a 61.8% retracement of 150.95 to 168.40 at 157.61 to bring a rebound. On the upside, a firm break of 168.40 will resume a larger uptrend.
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 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.
