Daily Pivots: (S1) 201.07; (P) 201.94; (R1) 203.66; More…
Intraday bias in GBPJPY remains on the upside for the moment. Current rise should target 38.2% projection of 184.35 to 199.96 from 197.47 at 203.43. Firm break there will target 61.8% projection at 207.11 next. On the downside, below 201.22 minor support will turn bias neutral first. But outlook will remain bullish as long as 197.47 support holds, in case of retreat.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
