Daily Pivots: (S1) 202.75; (P) 203.47; (R1) 203.97; More…
Intraday bias in GBP/JPY is back on the downside with breach of 20208 temporary low. Fall from 208.09 is resuming, as a correction to whole rise from 178.32. Next target is 55 D EMA (now at 201.02). Sustained break there will target 38.2% retracement of 178.32 to 208.09 at 196.71. Nevertheless, break of 204.20 resistance will retain near term bullishness and bring retest of 208.09 high.
In the bigger picture, medium term outlook will stay bullish as long as 188.63 resistance turned support holds. Long term up trend remains in favor to continue through 208.09 at a later stage. However, firm break of 188.63 will be a strong sign of bearish trend reversal.
. Sustained break there will target 38.2% retracement of 178.32 to 208.09 at 196.71. Nevertheless, break of 204.20 resistance will retain near term bullishness and bring retest of 208.09 high.){kind=link}