Daily Pivots: (S1) 178.41; (P) 181.75; (R1) 184.88; More…
GBP/JPY’s fall from 188.63 extended to as low as 178.58, and breached 23.6% retracement of 148.93 to 188.63 at 179.26 briefly. There is no sign of bottoming yet and intraday bias stays on the downside. Sustained trading below 179.26 will pave the way to 38.2% retracement at 173.46 next. On the upside, above 182.65 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.
In the bigger picture, while a medium term top is in place at 188.63, there is no clear sign of long term bearish trend reversal yet. As long as 55 W EMA (now at 175.67) holds, price actions from 188.63 are seen as a corrective move only. Larger up trend from 123.94 (2022 low) could resume at a later stage.
