GBP/JPY Daily Analysis
Intraday bias in GBP/JPY remains neutral as sideway trading continues. The corrective pattern from 168.67 would extend for a while. On the upside, the break of 163.91 will bring a stronger rise to 166.31 resistance. On the downside, below 160.07 will turn bias to the downside for 159.42 and below.
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 remain the favored case as long as 155.57 support holds, even in case of deep pullback.
