Daily Pivots: (S1) 188.45; (P) 189.08; (R1) 189.78; More…..
Intraday bias in GBP/JPY remains neutral for the moment. On the downside, below 188.22 will resume the decline from 191.29 to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger scale correction and target 61.8% retracement at 183.27. On the upside, though, firm break of 55 4H EMA (now at 189.84) will retain near term bullishness and bring retest of 191.29 high.
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).
