Daily Pivots: (S1) 185.27; (P) 186.02; (R1) 186.50; More…
GBP/JPY’s steep fall and break of 184.53 minor support suggests that a short term top was in place at 186.75. Intraday bias is back on the downside for 55 D EMA (now at 180.84). For now, risk will remain on the downside as long as 186.75 resistance holds, in case of recovery.
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.
. For now, risk will remain on the downside as long as 186.75 resistance holds, in case of recovery.){kind=link}