GBP/JPY Daily Analysis
Intraday bias in GBP/JPY stays neutral as consolidation from 148.93 is still in progress. For now, the risk will stay on the downside as long as the 160.64 support turned resistance holds. A break of 148.93 will resume the decline from 169.10 to 141.19 Fibonacci level.
In the bigger picture, the rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for a rebound. But risk will now stay on the downside as long as the 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.
