Daily Pivots: (S1) 183.81; (P) 184.34; (R1) 184.53; More…
Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Risk will stays on the downside as long as 186.75 resistance holds. Corrective pattern from 186.75 would extend with another falling leg before completion. On the downside, break of 183.35 will resume the correction from 186.75 short term top to 55 D EMA (now at 181.42) and possibly below.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will remain the favored case as long as 176.29 support holds, even in case of deeper pull back.
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