GBP/JPY Daily Outlook

Daily Pivots: (S1) 196.12; (P) 196.59; (R1) 197.45; More

Intraday bias in GBP/JPY stays on the upside at this point. Rebound from 191.34 is seen as the second leg of the corrective pattern from 200.53. Break of 197.40 will target 200.53 high. But upside should be limited there. On the downside, break of 194.74 minor support will turn intraday bias neutral first.

In the bigger picture, a medium term top could be in place at 200.53 after breaching 199.80 long term fibonacci level. As long as 55 W EMA (now at 183.41) holds, fall from there is seen as correcting the rise from 178.32 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 178.32 support.

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