GBP/JPY Daily Outlook

Daily Pivots: (S1) 184.63; (P) 185.05; (R1) 185.44; More…

A temporary top is in place at 185.94 and intraday bias in GBP/JPY is turned neutral first. Further rally is expected as long as 182.71 support holds. Above 185.94 will resume the rebound from 178.02 to retest 186.76 resistance first. Decisive break there will resume larger up trend.

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.

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