Daily Pivots: (S1) 212.28; (P) 212.75; (R1) 213.09; More…
Intraday bias in GBP/JPY remains mildly on the downside at this point. Rebound from 207.20 should have completed with three waves up to 213.28. Deeper fall would be seen to 209.15 support first. Firm break there will solidify this case and target 207.20 next. On the upside, however, above 213.28 will target a retest on 214.98 high instead.
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 203.08) holds, even in case of another deep pullback.
