Daily Pivots: (S1) 184.74; (P) 185.27; (R1) 185.56; More…
GBP/JPY’s fall from 188.63 accelerates lower today and breaks through 184.44 support. Current development argues that a medium term is in place on bearish divergence condition in D MACD. Fall from 188.63 is likely corrective whole rise from 148.93. Intraday bias is now on the downside for 23.6% retracement of 148.93 to 188.63 at 173.46 next. On the upside, above 185.78 minor resistance will turn intraday bias neutral and bring consolidations first. But risk will now stay on the downside as long as 188.63 resistance holds.
In the bigger picture, while a medium term top is in place at 188.63, there is no clear sign of long term bearish trend reversal yet. As long as 172.11 resistance turned support holds, price actions from 188.63 are seen as a corrective move only. Larger up trend from 123.94 (2022 low) could resume at a later stage.
