Overview
The recovery from 180.64 extended higher last week. The outlook in GBP/JPY is unchanged. The price action from 180.36 is viewed as a consolidation pattern and further rise could be seen this week. But strong resistance is expected at 188.28 to limit the upside and finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and should then target a test at the 174.86 key support level. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet but even in case of another rise, strong resistance would be likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.
Daily Pivots: (S1) 184.70; (P) 185.70; (R1) 187.12
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