Daily Pivots: (S1) 178.01; (P) 179.75; (R1) 183.18; More…
Immediate focus is now on 182.51 resistance in GBP/JPY. Firm break there should confirm that whole corrective pattern from 183.99 has completed with three waves down to 176.29. Further rally should be seen through 183.99 to resume larger up trend. Break of 180.51 minor support will argue that the corrective pattern is extending with another falling leg. But overall, outlook will stay bullish as long as 38.2% retracement of 155.33 to 183.99 at 173.04holds, in case of another dip.
In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue through 183.99 at a later stage, towards 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.
