Daily Pivots: (S1) 210.72; (P) 211.39; (R1) 212.36; More…
GBP/JPY’s rally resumed by breaking 212.13 temporary top and intraday bias is back on the upside. Sustained trading above 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 will extend current up trend to 100% projection at 219.99 next. For now, outlook will stay bullish as long as 210.28 support holds, in case of retreat.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. On the downside, break of 205.30 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
