Daily Pivots: (S1) 185.42; (P) 185.87; (R1) 186.75; More…
GBP/JPY’s rally resumed by breaking through 185.94 and intraday bias is back on the upside. Decisive break of 186.75 resistance will confirm resumption of larger up trend. Next target will be 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07. On the downside, break of 184.61 support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.
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.
