GBP/JPY’s rise from 178.02 resumed by breaking through 183.79 last week. Initial bias is on the upside this week for retesting 186.75 high. Decisive break there will resume larger up trend. On the downside, break of 182.71 support is needed to indicate short term topping. Otherwise, further rally will remain in favor in case of retreat.
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 bring lengthier and deeper consolidations.
In the longer term picture, rise from 122.75 (2016 low) in still in progress but started losing upside momentum as seen in W MACD. Further rise will remain in favor, though, as long as 176.29 support holds, to retest 195.86 (2015 high).
