Daily Pivots: (S1) 182.69; (P) 183.35; (R1) 184.19; More…
GBP/JPY’s correction from 183.99 is extending today. Firm break of 182.12 support will bring deeper fall to 55 D EMW (now at 175.98). But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 will resume larger up trend.
In the bigger picture, up trend from 123.94 (2020 low) is extending. Next target is 195.86 (2015 high). For now, medium term outlook will remain bullish as long as 172.11 resistance turned support holds, even in case of deep pull back.
. But downside should be contained above 172.30 resistance turned support to bring another rally. On the upside, break of 183.99 will resume larger up trend.){kind=link}