Each day Pivots: (S1) 162.95; (P) 163.74; (R1) 164.60; Extra…
Intraday bias in GBP/JPY stays impartial for consolidation under 165.99. Additional rally remains to be anticipated so long as 161.18 help holds. As famous earlier than, corrective fall from 172.11 ought to have accomplished at 155.33 already. Break of 165.99 will goal 169.26 resistance first, after which 172.11 excessive.
Within the greater image, corrective decline from 172.11 medium time period ought to have accomplished at 155.33. With 38.2% retracement of 123.94 (2020 low) to 172.11 (2022 excessive) at 153.70 intact, medium time period bullishness is retained. That’s, bigger up pattern from 123.94 (2020 low) remains to be in progress. Break of 172.11 excessive to renew such up pattern is anticipated at a later stage.
