Daily Pivots: (S1) 180.94; (P) 181.49; (R1) 182.07; More…
GBP/JPY is still extending sideway trading and intraday bias remains neutral. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 178.11) and possibly below. On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.
In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.
 and possibly below. On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.){kind=link}