Daily Pivots: (S1) 186.17; (P) 187.30; (R1) 188.12; More…
Intraday bias in GBP/JPY remains neutral for the moment. While recovery from 180.00 might extend higher, outlook will stay bearish as long as 38.2% retracement of 208.09 to 180.00 at 190.73 holds. On the downside, below 184.46 minor support will turn intraday bias back to the downside for retesting 180.00 low. Break there will resume the fall from 208.90 to 178.32 support next. However, firm break of 190.73 will extend the rebound to 61.8% retracement at 197.35, even as a corrective move.
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 189.18) 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.
