GBP/JPY Daily Analysis
Intraday bias in GBP/JPY remains neutral for the moment. Correction 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 the larger uptrend.
In the bigger picture, the uptrend 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 now remain the favored case as long as 150.95 support holds, even in case of deep pullback.
