Daily Pivots: (S1) 194.62; (P) 194.98; (R1) 195.48; More..
Further rise is mildly in favor in GBP/JPY. Rebound from 191.34 is seen as the second leg of the corrective pattern from 200.53, and could target 197.40 resistance. On the downside, break of 193.82 minor support will argue that the third leg as started, and turn bias back to the downside for 191.34 support.
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 183.41) 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.
