Daily Pivots: (S1) 180.22; (P) 184.11; (R1) 188.11; More…
GBP/JPY recovered after diving to 180.00 and intraday bias is turned neutral first. Some consolidations would be seen but upside should be limited by 193.23 resistance to bring another fall. Break of 180.00 will resume the decline from 208.09 to 178.32 support next.
In the bigger picture, fall from 208.09 medium term top is seen as correcting the up trend from 123.94 (2020 low). Deeper decline is in favor as long as 55 W EMA (now at 189.31) holds. But strong support could emerge between 178.32 and 38.2% retracement of 123.94 to 208.09 at 175.94 to bring rebound. Meanwhile, sustained trading above 55 W EMA will suggest that the range for the medium term corrective pattern is already set.
