Daily Pivots: (S1) 200.29; (P) 200.47; (R1) 200.79; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Sustained break of 200.53 will confirm larger up trend resumption. Next target is 138.2% projection of 191.34 to 180.07 from 195.02 at 202.93. On the downside, below 198.25 minor support will turn intraday bias back to the downside for 197.07 resistance turned support first.
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 183.92) holds, price actions 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.
