Overview
From the shown H4 chart, GBP/JPY remains neutral for consolidation above 178.95 temporary low. In case of recovery, upside should be limited well below 183.96 and bring fall resumption. Decline from 195.86 is still in progress and should target 174.86 key support level next. Break there will indicate larger trend reversal. The breach of the medium term trend line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in weekly MACD. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. Break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we'll be cautious on strong resistance from 199.80/200.00 to bring reversal finally.
Daily Pivots: (S1) 178.67; (P) 179.36; (R1) 179.77;
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