Overview
A temporary low is in place at 178.95 and an intraday bias is turned neutral for some consolidations. But an upside of the recovery should be limited well below 183.96 and bring fall reversal. A decline from 195.86 is still in progress and should target 174.86 key support level next. A break there will indicate larger trend reversal. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm the trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we'll be cautious about strong resistance from 199.80/200.00 to bring the reversal eventually.
Daily Pivots: (S1) 178.95; (P) 179.45; (R1) 179.95;
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