Daily Pivots: (S1) 197.76; (P) 198.21; (R1) 199.01; More…
Intraday bias in GBP/JPY remains on the upside. Current rise from 191.34, as the second leg of the corrective pattern from 200.53, should target 100% projection of 191.34 to 180.07 from 195.02 at 200.75. On the downside, below 197.07 will turn intraday bias neutral first. Further break of 195.02 will argue that the third leg has started, and target 191.34 support and possibly below.
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.
