GBP/JPY dipped to 159.42 final week however shortly recovered. Preliminary bias stays impartial this week first and consolidation sample from 168.67 would possibly prolong. On the upside, above 163.97 will flip bias to the upside, and resume the rebound to 166.31 resistance. Break there would be the first signal of up development resumption. On the draw back, break of 159.42 will prolong the correction in direction of 155.57 assist.
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 shall be a long run bullish sign, and will pave the best way again to 195.86 excessive. This may stay the favored case so long as 155.57 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 149.84) 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).