Overview
GBP/JPY dropped to as low as 174.93 and recovered mildly before the 174.86 key support level. There is no clear signs of bottoming yet. Intraday bias remains on the downside. A solid break of 174.86 will indicate a larger trend reversal and target 100% projection of 195.86 to 180.36 from 188.79 at 173.9 first. On the upside, movements above the 178.10 minor resistance will turn bias neutral and bring consolidation first. But the near-term outlook will stay bearish as long as the 180.36 resistance turned into support holds. A solid break of 174.86 will confirm the trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67 and below. In case of another rise, we will be cautious about a strong resistance from 199.80/200.00 to bring the reversal finally.
Daily Pivots: (S1) 174.68; (P) 176.02; (R1) 177.09
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