Overview
The attached H4 demonstrates that GBP/JPY's fall has resumed after brief consolidations and reached as low as 178.10 so far. An intraday bias is back on the downside. The current decline is expected to extend to test the 174.86 key support level next. On the upside, a break of 180.14 resistance will indicate short-term bottoming and bring stronger recovery first. 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 200 psychological level. 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'll be cautious about strong resistance from 199.80/200.00 to bring reversal finally.
Daily Pivots: (S1) 177.91; (P) 178.72; (R1) 179.33;
