Daily Pivots: (S1) 188.07; (P) 188.99; (R1) 190.74; More…
GBP/JPY’s rebound extended higher today and intraday bias is turned neutral first. On the downside, break of 187.04 will resume the fall from 198.94 to 100% projection of 198.94 to 189.31 from 194.73 at 185.10. However, firm break of 194.73 resistance will suggest that the decline has completed, and turn bias back to the upside for 198.94. Overall, sideway corrective pattern from 180.00 might still extend further.
In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 152.11 will bring deeper fall to 100% projection of 208.09 to 180.00 from 199.79 at 171.70, even still as a correction.
