GBP/JPY prolonged the corrective sample from 168.40 final week and outlook is unchanged. Preliminary bias stays impartial this week first. Break of 159.59 will lengthen the correction from 168.40 decrease. However draw back needs to be contained by 61.8% retracement of 150.95 to 168.40 at 157.61 to convey rebound. On the upside, agency break of 168.40 will resume bigger up pattern.
Within the greater image, up pattern from 123.94 (2020 low) continues to be in progress. Sustained break of 61.8% retracement of 195.86 (2015 excessive) to 122.75 (2016 low) at 167.93 can be a long run bullish sign, and will pave the best way again to 195.86 excessive. This may now stay the favored case so long as 150.95 assist holds, even in case of deep pull again.
In the long term image, rise from 122.75 could possibly be the third leg the the sample from 116.83 (2011 low). Additional rise will stay in favor so long as 55 month EMA (now at 148.31) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the best way to 195.86 (2015 excessive).