Daily Pivots: (S1) 187.39; (P) 187.96; (R1) 188.32; More…
Intraday bias in GBP/JPY is turned neutral again with current retreat. Some more consolidations could be seen below 188.63 temporary top first. But near term outlook will stay bullish as long as 184.44 support holds. Break of 188.63 will resume larger up trend.
In the bigger picture, as long as 184.44 support holds, larger up trend from 123.94 (202 low) should still be in progress, next target is 195.86 (2015 high). However, firm break of 184.44 will now argue that a medium term top is formed, possibly in bearish divergence condition in D MACD, and bring deeper fall back to 178.02 support.
