Overview
Intraday bias in GBP/JPY remains on the upside for the moment. A rebound from 180.36 is resuming and rally could be seen back towards the 195.86 resistance. In case of a retreat, we will stay cautiously bullish as long as the 185.98 support holds. This is supported by bearish divergence condition in the weekly MACD. 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 a 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 will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.
Daily Pivots: (S1) 187.38; (P) 188.09; (R1) 188.55
