Daily Pivots: (S1) 197.05; (P) 197.83; (R1) 198.87; More…
Intraday bias in GBP/JPY remains neutral as consolidations continue above 195.84. Further decline is expected as long as 55 4H EMA (now at 200.20) holds. On the downside, sustained trading below 38.2% retracement of 178.32 to 208.09 at 196.71 will argue that larger scale correction is under way to 185.49 fibonacci level. However, sustained break of 55 4H EMA will turn bias back to the upside for stronger rebound to 55 D EMA (now at 200.63).
In the bigger picture, considering bearish divergence condition in W MACD, 208.09 might be a medium term top and fall from there could already be correcting whole up trend from 148.93 (2022 low). Risk will now stay on the downside as long as 55 D EMA (now at 200.63) holds. Sustained break of 196.71 will pave the way to 38.2% retracement of 148.93 to 208.09 at 185.49.
 holds. On the downside, sustained trading below 38.2% retracement of 178.32 to 208.09 at 196.71 will argue that larger scale correction is under way to 185.49 fibonacci level. However, sustained break of 55 4H EMA will turn bias back to the upside for stronger rebound to 55 D EMA (now at 200.63).){kind=link}