Daily Pivots: (S1) 212.28; (P) 212.75; (R1) 213.09; More…
A temporary top is formed at 213.28 and intraday is turned neutral in GBP/JPY first. On the upside, break of 213.28 will resume the rebound from 207.20 to retest 214.98 high. However, sustained break of 55 4H EMA (now at 211.54) will argue that the rebound has completed, and turn bias back to the downside for 209.15 support first.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Firm break of 214.98 will target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. This will remain the favored case as long as 55 W EMA (now at 202.80) holds, even in case of another deep pullback.
 will argue that the rebound has completed, and turn bias back to the downside for 209.15 support first.){kind=link}