Daily Pivots: (S1) 189.82; (P) 190.26; (R1) 190.67; More…..
Intraday bias in GBP/JPY is back on the downside with break of 189.02 support. Price actions from 191.29 are seen as a correction to rise from 178.32 for now. Deeper fall would be seen to 38.2% retracement of 178.32 to 191.29 at 186.33. Sustained break there will raise the chance of larger reversal and target 61.8% retracement at 183.27. Risk will now stay on the downside as long as 191.29 resistance holds, in case of recovery.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).
