Daily Pivots: (S1) 185.41; (P) 186.04; (R1) 187.18; More…
Prior breach of 186.45 indicates that GBP/JPY is resuming the larger up trend. Intraday bias is back on the upside. Next target is 61.8% projection of 158.24 to 183.99 from 176.29 at 192.20. On the downside, however, break of 184.53 support should now indicate short term topping, and turn bias back to the downside for deeper correction.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 195.86 (2015 high). This will now remain the favored case as long as 176.29 support holds, even in case of deeper pull back.
