Daily Pivots: (S1) 185.88; (P) 187.41; (R1) 188.28; More…
GBP/JPY’s fall resumed after brief recovery and intraday bias is back on the downside. Current decline should target 100% projection of 198.94 to 187.04 from 195.95 at 184.05. On the upside, above 188.72 will turn intraday bias neutral again. But after all, risk will stay on the downside as long as 55 4H EMA (now at 190.52) holds.
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 even still as a correction.
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