GBP/JPY reversed after rising to 200.53 final week and fell sharply since then. Preliminary bias stays on the draw back this week. Sustained break of 55 D EMA (now at 191.34) will lengthen the autumn from 200.53, to 61.8% retracement of 178.32 to 200.53 at 186.80. On the upside, break of 195.73 minor resistance will flip intraday bias impartial.
Within the greater image, a medium time period prime might be in place at 200.53 after breaching 199.80 long run fibonacci degree. So long as 55 W EMA (now at 182.98) holds, fall from there may be seen as correcting the rise from 178.32 solely. Nonetheless, sustained break of 55 W EMA will argue that bigger scale correction is underway and goal 178.32 help.
In the long run image, rise from 122.75 (2016 low) is seen because the third leg of the sample from 116.83 (2011 low). Focus is now on 61.8% retracement of 251.09 (2007 excessive) to 116.83 at 199.80. Decisive break there would pave the best way again to 251.09 in the long run.
