Daily Pivots: (S1) 186.54; (P) 187.41; (R1) 188.84; More…
GBP/JPY’s rally is in progress and intraday bias stays on the upside. Next target is 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07. On the downside, below 187.26 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.
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 183.79 resistance turned support holds, in case of deep pullback.
