Overview

GGBP/JPY continues to fall and reaches as low as 164.68 so far. The long-term Fibonacci level at 165.67 has been already hit. An intraday bias remains on the downside for 161.8% projection of 195.86 to 180.36 from 188.79 at 163.71 next. A break will target 200% projection at 157.79. On the upside, above 169.09 minor resistance the bias will turn neutral and bring consolidation. A fall from 195.86 is currently viewed as a correction. A 38.2% retracement of 116.83 to 195.86 at 165.67 is already met. Based on the current momentum, the correction is likely to extend to 61.8% retracement at 147.01 before completion.

Daily Pivots: (S1) 165.53; (P) 167.31; (R1) 168.29;