Daily Pivots: (S1) 181.68; (P) 184.38; (R1) 185.95; More…
GBP/JPY’s recovery from 180.00 extends higher today but stays well below 193.23 resistance. Intraday bias remains neutral first and further decline is in favor. On the downside, below 183.10 minor support will bring retest of 180.00 first. Break there will resume the fall from 208.09 to 178.32 support next.
In the bigger picture, fall from 208.09 medium term top is seen as correcting the up trend from 123.94 (2020 low). Deeper decline is in favor as long as 55 W EMA (now at 189.31) holds. But strong support could emerge between 178.32 and 38.2% retracement of 123.94 to 208.09 at 175.94 to bring rebound. Meanwhile, sustained trading above 55 W EMA will suggest that the range for the medium term corrective pattern is already set.
