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Daily Pivots: (S1) 185.67; (P) 186.17; (R1) 187.09; More…

GBP/JPY rebounded after brief dip to 185.21 and intraday bias is turned neutral first. On the downside, below 185.21 will extend the correction from 188.90 to 55 D EMA (now at 184.99) and below. On the upside, break of 187.60 minor resistance will argue that the pull back has completed, and bring retest of 188.90 instead.


In the bigger picture, up trend from 123.94 (2020 low) in in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).


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