Daily Pivots: (S1) 195.72; (P) 196.21; (R1) 196.96; More…
GBP/JPY’s rise from 184.35 resumed by breaking through 196.83 today and intraday bias is back on the upside for 199.79 resistance. Break there will target 100% projection of 180.00 to 199.79 from 184.35 at 204.14. For now, near term outlook will stay bullish as long as 193.99 support holds, in case of retreat.
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.
