Each day Pivots: (S1) 178.41; (P) 181.75; (R1) 184.88; Extra…
GBP/JPY’s fall from 188.63 prolonged to as little as 178.58, and breached 23.6% retracement of 148.93 to 188.63 at 179.26 briefly. There isn’t any signal of bottoming but and intraday bias stays on the draw back. Sustained buying and selling beneath 179.26 will pave the way in which to 38.2% retracement at 173.46 subsequent. On the upside, above 182.65 minor resistance will flip intraday bias impartial and produce consolidations first, earlier than staging one other fall.
Within the larger image, whereas a medium time period prime is in place at 188.63, there isn’t any clear signal of long run bearish development reversal but. So long as 55 W EMA (now at 175.67) holds, value actions from 188.63 are seen as a corrective transfer solely. Bigger up development from 123.94 (2022 low) may resume at a later stage.
