GBP/JPY’s sharp decline and break of 155.57 assist suggests medium time period topping at 169.10. That got here after a number of rejection by long run fibonacci degree at 167.93. Preliminary bias stays on the draw back this week for 150.95 assist subsequent. On the upside, above 159.10 minor resistance will flip intraday bias impartial and convey consolidations, earlier than staging one other fall.
Within the larger image, rejection by 61.8% retracement of 195.86 (2015 excessive) to 122.75 (2016 low) at 167.93 means that rise from 123.94 (2020 low) has accomplished. Deeper fall can be seen to 38.2% retracement of 123.94 to 169.10 at 151.84. Some assist could possibly be seen there to carry rebound. However threat will now keep on the draw back so long as 169.10 resistance holds. Sustained buying and selling under 151.84 will goal 61.8% retracement at 141.19.
In the long term image, so long as 55 month EMA (now at 150.40) holds, rise from 122.75 might nonetheless lengthen larger at a later stage. Nonetheless, sustained break of 55 month EMA will ague that complete rise has accomplished, and open up deeper fall again to 116.83/122.75 assist zone.