Daily Pivots: (S1) 181.36; (P) 181.90; (R1) 182.73; More…
GBP/JPY’s recovery from 180.78 extends higher today but stays below 183.34 resistance. Intraday bias remains neutral for the moment, and further decline is still in favor. On the downside, break of 180.78 will resume the fall from 186.75 to 176.29 support next. Nevertheless, firm break of 183.34 will turn bias back to the upside for retesting 186.75 high.
In the bigger picture, fall from 186.75 is currently seen as a corrective move only. 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 bring lengthier and deeper consolidations.
