GBP/JPY Daily Analysis
Intraday bias in GBP/JPY remains neutral for consolidation above 158.57 temporary low. Further decline is expected as long as 162.24. A break of 158.57 will target a 161.8% projection of 172.11 to 163.02 from 169.26 to 154.55 next. However, the break of 162.24 will turn the bias to the upside for a stronger rebound.
In the bigger picture, a sustained break of 55-week EMA (now at 161.26) will confirm medium-term topping at 172.11, on bearish divergence condition in weekly MACD. The fall from 172.11 should be a correct whole-up trend from 123.94 (2020 low). A deeper decline should be seen to a 38.2% retracement of 123.94 to 172.11 at 153.70 and possibly below. This will remain the favored case as long as the 55-day EMA (now at 166.11) holds.
