Daily Pivots: (S1) 186.45; (P) 186.86; (R1) 187.53; More…
Intraday bias in GBP/JPY is back on the upside as rebound from 185.21 resumes. Further rise is expected to retest 188.90 resistance first. Firm break there will resume larger up trend. Next near term target will be 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. For now, near term outlook will stay bullish as long as 185.21 support holds, in case of retreat.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).
