Intraday bias in GBP/JPY remains on the downside at this point. Fall from 157.74 is seen as the third leg of the consolidative pattern from 158.19. Sustained trading below 55 day EMA (now at 155.20) will target 148.94 support next. For now, risk will stay on the downside as long as 157.74 resistance holds, in case of recovery.
In the bigger picture, price actions from 158.19 are currently seen as developing into a consolidation pattern to up trend from 123.94 (2020 low). Downside should be contained by 123.94 to 158.19 at 145.10 to bring rebound. Firm break of 158.19 will resume the up trend to long term fibonacci level at 167.93. However, sustained break of 145.10 will raise the chance of trend reversal and target 61.8% retracement at 137.02.
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