Daily Pivots: (S1) 194.86; (P) 197.17; (R1) 198.37; More…
Intraday bias in GBP/JPY is back on the downside with breach of 195.84 temporary low. Fall from 208.09 is probably a larger scale correction and should target 185.49 fibonacci level. Nevertheless, on the upside, firm break of 199.45 resistance will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, considering bearish divergence condition in W MACD, 208.09 might be a medium term top and fall from there could already be correcting whole up trend from 148.93 (2022 low). Risk will now stay on the downside as long as 55 D EMA (now at 200.51) holds. Deeper fall would be seen to 38.2% retracement of 148.93 to 208.09 at 185.49.
