Daily Pivots: (S1) 180.81; (P) 181.35; (R1) 181.92; More…
GBP/JPY recovered quickly after dipping to 180.74. Intraday bias stays neutral and further rise is still in favor. Above 183.79 will resume the rise from 178.02 to retest 186.75 high. However, break of 180.74 will turn bias back to the downside for 178.02 instead.
In the bigger picture, fall from 186.75 is seen as a corrective move only. As long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper consolidations.
