GBP/JPY Daily Analysis
Intraday bias in GBP/JPY remains neutral, and more sideway trading could be seen. On the downside, the break of 164.02 should resume the fall from 172.11 through 163.02 support. Nevertheless, on the upside, the break of 168.99 resistance will bring a more substantial rebound to retest the 172.11 high instead.
In the bigger picture, medium-term upside momentum has been diminishing, as seen in bearish divergence conditions in the weekly MACD. A sustained break of 55-week EMA (now at 160.90) will argue that it’s already correcting the whole up trend from 123.94 (2020 low). Nevertheless, before that, such an uptrend could still extend through the 172.11 high.
