Daily Pivots: (S1) 182.30; (P) 183.31; (R1) 185.29; More…
GBP/JPY’s rise from 178.02 resumed by breaking 183.79. Intraday bias is back on the upside for retesting 186.75 high. Decisive break there will resume larger up trend. For now, further rise is expected as long as 180.74 support holds, in case of retreat.
In the bigger picture, fall from 186.75 is 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.
