GBP/JPY’s rebound from 155.57 prolonged greater final week. Preliminary bias stays on the upside this week for retesting 168.40 excessive. Agency break there’ll resume bigger up development. On the draw back, under 160.92 minor help will flip bias again to the draw back for extending the correction from 168.40.
Within the larger image, up development from 123.94 (2020 low) remains to be in progress. Sustained break of 61.8% retracement of 195.86 (2015 excessive) to 122.75 (2016 low) at 167.93 might be a long run bullish sign, and will pave the way in which again to 195.86 excessive. This can now stay the favored case so long as 150.95 help holds, even in case of deep pull again. Nevertheless, agency break of 150.95 will point out rejection by 167.93, and bearish development reversal.
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 149.27) holds. Sustained break of 61.8% retracement of 195.86 to 122.75 at 167.93. will pave the way in which to 195.86 (2015 excessive).