Daily Pivots: (S1) 183.15; (P) 183.54; (R1) 184.14; More…
Despite loss of downside momentum, further decline is expected in GBP/JPY as long as 185.67 resistance holds. Next target is 55 D EMA (now at 182.31). Sustained break there will argue that it’s already in a larger scale correction and target 176.29 support next. On the upside, break of 185.67 resistance will indicate that the pull back from 186.75 has completed. Further rise should then be seen through 186.75 to resume larger up trend.
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.
