GBP/JPY Daily Analysis
GBP/JPY’s rally is in progress today and intraday bias stays on the upside for 168.40 high. A firm break there will resume a larger up trend. On the downside, below 162.88 minor support will mix up the outlook and turn intraday bias neutral first.
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 150.95 support holds, even in case of a deep pull back. However, a firm break of 150.95 will indicate rejection by 167.93, and a bearish trend reversal.