GBP/JPY Daily Outlook

Daily Pivots: (S1) 185.38; (P) 186.32; (R1) 187.31; More…

Intraday bias in GBP/JPY stays neutral at this point, and more consolidations would be seen below 188.26. Another rally will remain in favor as long as 183.79 support turned resistance holds. Break of 188.26 will resume larger up trend.

In the bigger picture, as long as 180.74 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 180.74 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.

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