GBP/JPY dived to as little as 148.93 final week however rebounded strongly since then. The event recommend that corrective fall from 169.10 has accomplished after drawing help from 151.84 long run fibonacci degree. Preliminary bias stays on the upside this week for retesting 169.10 excessive. On the draw back, although, break of 155.63 minor help will flip bias again to the draw back for 148.93 low once more.
Within the greater image, robust help from 38.2% retracement of 123.94 to 169.10 at 151.84 means that value actions from 169.10 are growing right into a corrective sample solely. That’s, rise from 123.94 (2020 low) ought to resume at a later stage. It will now stay the favored case so long as 148.93 help holds.
In the long run image, so long as 55 month EMA (now at 150.40) holds, rise from 122.75 may nonetheless prolong increased at a later stage. Nevertheless, sustained break of 55 month EMA will ague that complete rise has accomplished, and open up deeper fall again to 116.83/122.75 help zone.