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Daily Pivots: (S1) 190.29; (P) 190.69; (R1) 191.06; More…..

Intraday bias in GBP/JPY remains neutral and range trading continues. Corrective pattern from 191.29 could still extend. Break of 188.02 minor support will bring deeper fall to 38.2% retracement of 178.32 to 191.29 at 186.33, as a correction to rise from 178.32. Nevertheless, on the upside, decisive break of 191.29 will resume larger up trend, and target 195.86 long term resistance next.


In the bigger picture, up trend from 123.94 (2020 low) is 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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