GBP/JPY Daily Outlook

Daily Pivots: (S1) 195.66; (P) 196.29; (R1) 197.54; More

GBP/JPY’s rebound from 191.34 resumed after brief recovery and intraday bias is back on the upside. Rise from 191.34 is seen as the second leg of the corrective pattern from 200.53. Sustained break of 197.07 will pave the way to retest 200.53. On the downside, firm break of 195.02 will argue that the third leg has started, and target 191.34 support and possibly below.

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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