Daily Pivots: (S1) 212.69; (P) 213.27; (R1) 214.22; More…
GBP/JPY’s rally from 209.58 accelerate higher today and intraday bias stays on the upside for 214.98 high. Firm break there will confirm larger up trend resumption. Next target is 61.8% projection of 199.04 to 214.98 from 209.58 at 219.43. On the downside, below 213.47 minor support will delay the bullish case, and turn intraday bias neutral again first.
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.
