Daily Pivots: (S1) 195.20; (P) 195.79; (R1) 196.81; More…
Intraday bias in GBP/JPY stays on the upside at this point. Decisive break of 195.95 resistance will suggest that whole choppy decline from 199.79 has completed, and target this resistance next. On the downside, below 194.77 minor support will turn intraday bias neutral again first.
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 175.94 will bring deeper fall even still as a correction.
