GBP/JPY Daily Analysis
GBP/JPY’s rise from 148.93 resumed by breaking through 165.69 resistance. Intraday bias is back on the upside for the 169.10 high. A decisive break there will confirm a larger up-trend resumption. For now, the further rally will remain in favor as long as 159.71 support holds, in case of retreat.
In the bigger picture, strong support from a 38.2% retracement of 123.94 to 169.10 at 151.84 suggests that price actions from 169.10 are developing into a corrective pattern only. That is, a rise from 123.94 (2020 low) should resume at a later stage. This will now remain the favored case as long as 148.93 support holds.
