Daily Pivots: (S1) 202.21; (P) 202.72; (R1) 203.63; More…
No change in GBP/JPY’s outlook and intraday bias remains neutral. On the upside, break of 204.22 resistance should confirm that correction from 205.30 has completed with three waves at 199.04. Further rise should be seen through 205.30 to resume the larger rally from 184.53. On the downside, below 201.36 minor support will turn bias to the downside to 199.04 and below to extend the correction.
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.
