GBP/JPY Daily Analysis
Intraday bias in GBP/JPY is mildly on the upside with a break of 164.63 minor resistance. Further rise could be seen to retest 168.67 high. On the downside, below 161.56 will target 159.97 support. A firm break there will raise the chance of rejection by 167.93 long-term Fibonacci resistance. A deeper fall would be seen to 155.57 support for confirmation.
In the bigger picture, the up trend 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 155.57 support holds, even in case of deep pullback.
