Daily Pivots: (S1) 212.70; (P) 213.01; (R1) 213.31; More…
Intraday bias in GBP/JPY is turned neutral first with current retreat. On the upside, firm break of 213.28 resistance will resume the rally from 207.20 and target a retest on 214.98 high. However, break of 210.77 will turn bias back to the downside for 209.15 support.
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 203.13) holds, even in case of another deep pullback.
