Daily Pivots: (S1) 201.03; (P) 201.56; (R1) 202.47; More…
GBP/JPY’s rebound form 199.04 extended higher today but it stays within near term falling channel and below 204.22 resistance. Intraday bas remains neutral first. On the upside, break of 204.22 should confirm that fall from 205.30 has completed as correction, and larger rise from 184.53 is ready to resume through 205.30. On the downside, though, break of 200.63 minor support will extend the correction through 199.04 to 197.47 cluster (38.2% retracement of 184.35 to 205.30 at 197.29).
In the bigger picture, price actions from 208.09 (2024 high) are seen as a corrective pattern which might have completed at 184.35. Firm break of 208.09 high will resume the up trend from 123.94 (2020 low). Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. However, decisive break of 197.47 support will dampen this view and extend the corrective pattern with another fall.
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