Overview
Intraday bias in GBP/JPY remains on the downside for the long-term Fibonacci level at 165.67. A break will target the 161.8% projection of 195.86 to 180.36 from 188.79 at 163.71. On the upside, breaks above the minor resistance of 170.57 will turn bias neutral and bring consolidations. The current development confirmed medium-term topping at 195.86 on a bearish divergence condition in the weekly MACD. A fall from 195.86 is currently viewed as a correction and would first target 38.2% retracement of 116.83 to 195.86 at 165.67. Based on the current momentum, the correction would likely extend to 61.8% retracement at 147.01 before completion.
Daily Pivots: (S1) 166.26; (P) 167.20; (R1) 168.03
