Daily Pivots: (S1) 200.14; (P) 200.49; (R1) 200.97; More…
GBP/JPY is extending the consolidations below 201.59 and intraday bias stays neutral. Further rally is expected as long as 197.18 support holds. However, considering bearish divergence condition in 4H MACD, firm break of 197.18 will confirm short term topping, and turn bias back to the downside for 191.34 support instead.
In the bigger picture, as long as 188.63 resistance turned support holds, long term up trend is expected to continue. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62.
