Daily Pivots: (S1) 186.64; (P) 187.32; (R1) 187.82; More…
Intraday bias in GBP/JPY is now on the downside with break of 55 4H EMA. Deeper decline is underway to 183.79 resistance turned support. Rebound from there would retain near term bullishness for another rise through 188.26 later. However, firm break of 183.79 will indicate that larger correction is underway.
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.
