Daily Pivots: (S1) 183.75; (P) 184.39; (R1) 185.54; More…
Intraday bias in GBP/JPY remains on the upside, as rise from 178.02 is in progress. Further rally should be seen to retest 186.75 resistance. Decisive break there will resume larger up trend. On the downside, break of 182.71 support is needed to indicate short term topping. Otherwise, further rally will remain in favor in case of retreat.
In the bigger picture, as long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.
