Daily Pivots: (S1) 184.66; (P) 185.32; (R1) 185.90; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Current rise from 178.02 should target a retest of 186.76 resistance. Decisive break there will resume larger up trend. On the downside, below 184.29 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, 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.
