Daily Pivots: (S1) 179.74; (P) 180.23; (R1) 180.71; More…
Range trading continues in GBP/JPY above 179.45 and intraday bias remains neutral first. On the downside, break of 179.45 will resume the correction from 183.90 to 55 D EMA (now at 177.39). On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.
In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.
. On the upside, firm break of 183.99 high will resume larger up trend to 187.36 projection level.){kind=link}