Daily Pivots: (S1) 192.94; (P) 193.54; (R1) 194.08; More..
Intraday bias in GBP/JPY stays neutral for the moment. On the upside, sustained break of 55 4H EMA (now at 193.86) will bring stronger rebound back toward 197.40 resistance. On the downside, below 191.34 will resume the correction from 200.53. Sustained trading below 55 D EMA (now at 191.51) will target 61.8% retracement of 178.32 to 200.53 at 186.80.
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.
