GBP/JPY Daily Analysis
Intraday bias in GBP/JPY remains neutral for the moment. On the downside, the break of 155.33 will resume the fall from 172.11 to 153.70 Fibonacci level. Nevertheless, considering the bullish convergence condition in 4 hours MACD, a firm break of 162.32 will argue that such a decline has been completed and turn bias back to the upside for 55-day EMA (now at 163.45) and above.
In the bigger picture, as long as the 153.02 support turned resistance holds, a decline from the 172.11 medium-term top is expected to continue to a 38.2% retracement of 123.94 to 172.11 at 153.70. Sustained break there will raise the change of trend reversal and target a 61.8% retracement at 142.34. Nevertheless, the break of 153.02 support turned resistance will argue that the decline has been completed, and retain medium-term bullishness.
