GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout of 174.86 will confirm trend reversal and result in a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we should be cautious as strong resistance from 199.80/200.00 couls finally bring reversal. Intraday bias in GBP/JPY remains neutral with a focus on resistance at 187.36. A firm break there will argue that the fall from 195.86 has completed. More importantly, this will be a signal that a larger uptrend is resuming. Meanwhile, minor support will move focus back to 180.36.
Daily Pivots: (S1) 185.50; (P) 186.18; (R1) 186.66;
The material has been provided by InstaForex Company – www.instaforex.com