Daily Pivots: (S1) 185.42; (P) 185.87; (R1) 186.75; More…
GBP/JPY accelerates to as high as 187.91 so far. The break of 186.75 resistance confirms larger up trend resumption. Intraday bias stays on the upside for 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07. On the downside, below 186.24 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, as long as 178.02 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). For now, outlook will stay bullish as long as 178.02 support holds, in case of deep pullback.
