GBP/JPY Daily Analysis
Intraday bias in GBP/JPY stays mildly on the downside for a 161.8% projection of 172.11 to 163.02 from 169.26 at 154.55, and then 153.70 Fibonacci level. On the upside, above 158.57 support turned resistance. will turn intraday bias neutral first. But the near-term outlook will stay bearish as long as the 162.32 resistance holds in case of recovery.
In the bigger picture, a medium-term top was in place at 172.11 on the bearish divergence condition in the weekly MACD. The decline from there should target a 38.2% retracement of 123.94 to 172.11 at 153.70. A 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.
