GBP/JPY Price Analysis: Tuesday plunge into 181.00 proves short-lived

GBP/JPY took an initial ride down the charts into 181.02 in early Tuesday trading. A firm rebound sent the Guppy back into the day's highs near 182.80. Intraday action is caught in the middle with prices cycling the neutral pivot. air into a fresh high for the day at 182.80, and the pair is now waffling into the midrange near the week's P0 neutral pivot point.

On the daily candlesticks the Guppy is stuck closely to the 50-day SMA and trading far above the 200-day SMA with the pair up over 15% from the year's opening bids near 158.40. The pair remains incredibly well-bid in the long term, but a lack of continued momentum sees prices failing to make a decisive break for the last major swing high into 186.77, and the immediate bearish target currently sits at early October's low of 178.08.

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