Daily Pivots: (S1) 180.43; (P) 181.80; (R1) 182.79; More…
Intraday bias in GBP/JPY is turned neutral first as it recovered after dipping to 180.78. Further decline is expected as long as 183.34 support turned resistance holds. Below 180.78 will resume the fall from 186.75, as a larger scale correction, to 176.29 support next.
In the bigger picture, as long as 176.29 support holds, larger up trend from 123.94 (202 low) should still be in progress. Break of 186.75 will target 195.86 (2015 high). Nevertheless, firm break of 176.29 will confirm medium term topping, and turn outlook neutral for lengthier and deeper consolidations.
