GBPJPY Chart Technical Outlook dips continue to find buyers
We have seen a sharp decline in the cross overnight with rumors of Bank of Japan intervention. From a technical perspective, dips continue to find buying interest. I have bespoke support located at 193.57 and 190.73.
I believe the most important factor is the current imbalance at 197.71. With this being close to the projected AB leg of a Bat formation, there is scope to form a topping pattern.
Conclusion: patience is required. I would look for a possible Bat formation to complete close to the 88.6% pullback level of 199.88. The immediate bias is unclear.
