Overview
Downside pressure on GBP/JPY continues and pushes the pair as low as 164.68 so far. The long-term Fibonacci level at 165.67 was already met. The intraday bias remains on the downside for the 161.8% projection of 195.86 to 180.36 from 188.79 at 163.71. A break will target the 200% projection at 157.79. On the upside, breaks above the minor resistance at 169.09 will turn bias neutral and bring consolidations. A fall from 195.86 is currently viewed as a correction. the 38.2% retracement of 116.83 to 195.86 at 165.67 has already been met. Based on the current momentum, the correction would likely extend to the 61.8% retracement at 147.01 before completion.
Daily Pivots: (S1) 165.53; (P) 167.31; (R1) 168.29
