Daily Pivots: (S1) 194.08; (P) 194.48; (R1) 195.11; More..
GBP/JPY’s rebound from 191.34 is still in progress and intraday bias stays on the upside. This rebound is seen as the second leg of the corrective pattern. Further rise would be seen back to 197.40 resistance. On the downside, however, break of 193.82 minor support will turn intraday bias neutral again first.
In the bigger picture, a medium term top could be in place at 200.53 after breaching 199.80 long term fibonacci level. As long as 55 W EMA (now at 183.34) holds, fall from there is seen as correcting the rise from 178.32 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 178.32 support.
