GBP/JPY dropped notably final week and preliminary bias stays on the draw back this week. Deeper fall may very well be seen to 159.97 help. Agency break there’ll increase the prospect of rejection by 167.93 long run fibonacci resistance. Deeper fall could be seen to 155.57 help for affirmation. On the upside, above 164.13 minor resistance will carry retest of 168.67 excessive as an alternative.
Within the larger image, up pattern 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 will likely be a long run bullish sign, and will pave the way in which again to 195.86 excessive. This may now stay the favored case so long as 155.57 help holds, even in case of deep pull again.
In the long run image, rise from 122.75 may very well 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 149.84) 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).