GBP/JPY Daily Analysis
GBP/JPY edged higher to 170.57 but quickly retreated Intraday bias stays neutral first. On the upside, a firm break of 170.57 will confirm a larger up-trend resumption. However, the break of 164.95 minor support will turn bias back to the downside for 159.71 support instead.
In the bigger picture, current development suggests that 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 pave the way to retesting 195.86 high. This will now remain the favored case as long as 148.93 support holds.
