A short term top is likely in place at 183.99 in GBP/JPY, on bearish divergence condition in 4H MACD. Initial bias is mildly on the downside this week for 179.90 support. Firm break there will target 55 D EMA (now at 175.99 ). On the upside, break of 183.99 will resume larger up trend.
In the bigger picture, as long as 172.11 resistance turned support holds, uptrend from 123.94 (2020 low) is expected to continue. On resumption, next target is 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.
In the longer term picture, rise from 122.75 (2016 low) in still in progress to retest 195.86 (2015 high). Based on current momentum, break of 195.86 is in favor. But strong resistance could still be seen from 61.8% retracement of 251.09 (2007 high) to 116.83 (2011 low) at 199.80 to limit upside on first attempt.
. On the upside, break of 183.99 will resume larger up trend.){kind=link}