Daily Pivots: (S1) 195.88; (P) 196.49; (R1) 197.11; More…
Intraday bias in GBP/JPY is turned neutral with current retreat. On the downside, break of 194.74 support will suggest that corrective pattern from 200.53 has started the third leg. Deeper fall would be seen back to 191.34 support and below. For now, risk will stay on the downside as long as 197.07 resistance holds, in case of recovery.
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.
