GBP/JPY edged higher to 185.94 last week but turned sideway since then. Initial bias remains neutral this week and more consolidations could be seen. But in case of another dip, downside should be contained above 182.71 support to bring another rally. Break of 185.94 will resume the rebound from 178.02 to retest 186.75 high next.
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.
In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 176.29 support holds, to retest 195.86 (2015 high).
