GBP/JPY Daily Analysis
The intraday bias for GBP/JPY is currently neutral due to the ongoing consolidation from 165.99. However, a further rally is anticipated as long as the support at 161.18 remains intact. It has been previously noted that the corrective decline from 172.11 likely finished at 155.33. If there is a break of 165.99, the resistance levels of 169.26 and 172.11 will be targeted. Conversely, if the support at 161.18 is breached, the bias will turn bearish with a focus on the support at 156.70.
Looking at the bigger picture, the medium-term corrective decline from 172.11 has probably concluded at 155.33. As the 38.2% retracement of the move from 123.94 (2020 low) to 172.11 (2022 high) at 153.70 remains intact, the medium-term bullish outlook is sustained. This means that the larger uptrend from 123.94 (2020 low) is still in progress, and a break of the 172.11 high is expected to resume this uptrend at a later stage.
