Daily Pivots: (S1) 212.69; (P) 213.27; (R1) 214.22; More…
Intraday bias in GBP/JPY remains on the upside for retesting 214.98 high. Decisive break there will confirm larger up trend resumption. On the downside, below 212.31 minor support will turn bias neutral first. But risk will now remain on the upside as long as 209.58 support holds, in case of retreat.
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 204.08) holds, even in case of another deep pullback.
