GBP/JPY Daily Analysis
Today, GBP/JPY’s rally has continued and reached a high of 172.29 so far. The intraday bias remains on the upside at this point. A decisive break of the 172.11 high will resume the larger uptrend and target the 100% projection of the move from 148.93 to 172.11 from 155.33 at 178.51. On the downside, if the minor support level of 170.76 is breached, the intraday bias will turn neutral and bring about consolidations before another rally.
Looking at the bigger picture, the current momentum suggests that the uptrend from the 2020 low of 123.94 is ready to resume. The next target is the 161.8% projection of the move from the 2016 low of 122.75 to the 2018 high of 156.59 from 123.94 at 178.69. As long as the support level of 165.40 holds in case of a retreat, this will remain the favored case.
