GBP/JPY’s decline continues today and intraday bias stays on the downside. Sustained trading below 151.84 fibonacci level will pave the way to next level at 141.19. On the upside, above 155.61 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, rise from 123.94 (2020 low) has completed at 169.10. 38.2% retracement of 123.94 to 169.10 at 151.84 is already met, and there could be some support from there for rebound. But risk will now stay on the downside as long as 169.10 resistance holds. Sustained trading below 151.84 will target 61.8% retracement at 141.19.
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