GBP/JPY’s consolidation from 164.61 prolonged final week and outlook is unchanged. Preliminary bias stays impartial this week and additional rise is anticipated with 158.04 help intact. On the upside, break of 164.61 will resume bigger up development to long run fibonacci stage at 167.93. Nonetheless, agency break of 158.19 will flip bias to the draw back and convey deeper pull again.
Within the greater image, up development from 123.94 (2020 low) remains to be in progress, and notable help from 55 week EMA affirms medium time period bullishness. Subsequent goal is 61.8% retracement of 195.86 (2015 excessive) to 122.75 (2016 low) at 167.93. Sustained break there might be a long run bullish sign. This may now stay the favored case so long as 150.95 help holds.
In the long run image, so long as 55 month EMA (now at 148.20) holds, we’d nonetheless favor extra rally to 61.8% retracement of 195.86 to 122.75 at 167.93. Sustained break there’ll pave the way in which to 195.86 (2015 excessive).