Daily Pivots: (S1) 190.53; (P) 191.37; (R1) 192.39; More…
Intraday bias in GBP/JPY remains neutral first. While recovery from 188.07 might extend, further decline is expected as long as 55 D EMA (now at 194.07) holds. On the downside, below 190.33 minor support will turn bias to the downside for 188.07, and then 183.70 support. Firm break there will argue that whole decline from 208.09 is resuming, and target a test on 180.00 low next.
In the bigger picture, price actions from 208.09 are seen as a correction to whole rally from 123.94 (2020 low). The range of consolidation should be set between 38.2% retracement of 123.94 to 208.09 at 175.94 and 208.09. However, decisive break of 175.94 will argue that deeper correction is underway.
 holds. On the downside, below 190.33 minor support will turn bias to the downside for 188.07, and then 183.70 support. Firm break there will argue that whole decline from 208.09 is resuming, and target a test on 180.00 low next.){kind=link}