Daily Pivots: (S1) 211.52; (P) 211.92; (R1) 212.60; More…
GBP/JPY is staying below 213.29 resistance despite current strong rebound. Intraday bias remains neutral first. On the upside, firm break of 213.29 will resume the rise from 207.20 and target a retest on 214.98 high. On the downside, below 209.58 will bring deeper fall to 207.20 to extend the corrective pattern from 214.98.
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.
