Daily Pivots: (S1) 209.62; (P) 211.16; (R1) 212.13; More…
Intraday bias in GBP/JPY stays on the downside at this point. Corrective pattern from 214.98 should be in the third leg. Deeper decline would be seen to 209.15. Firm break there will target 207.20 and below. For now, risk will stay on the downside as long as 213.29 resistance holds, in case of recovery.
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.
