Overview
GBP/JPY dropped to as low as 185.00 last week but was supported above 61.8% retracement of 174.86 to 195.86 at 182.88 and recovered. Overall outlook is unchanged. Price actions from 195.86 are viewed as a consolidation pattern and should be supported by mentioned 182.88 fibonacci level. An upside breakout through 195.86 is expected later. However, sustained trading below 182.88 will dampen our view and turn focus back to 174.86 support instead.
Daily Pivots: (S1) 184.16; (P) 185.92; (R1) 186.89;
