Daily Pivots: (S1) 184.59; (P) 185.25; (R1) 185.64; More…
Intraday bias in GBP/JPY remains neutral as consolidation form 185.94 temporary top is extending. In case of deeper retreat, downside should be contained above 182.71 support. On the upside, above 0.8594 will resume the rebound from 178.02 to retest 186.76 resistance first. Decisive break there will resume larger up trend.
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.
