Daily Pivots: (S1) 181.81; (P) 182.72; (R1) 183.41; More…
Intraday bias in GBP/JPY stays mildly on the downside at this point. Fall from 183.99 short term top would target 179.90 support. Firm break there will target 55 D EMA (now at 176.22). 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.
. On the upside, break of 183.99 will resume larger up trend.){kind=link}