Daily Pivots: (S1) 212.51; (P) 213.46; (R1) 214.81; More…
Intraday bias in GBP/JPY is turned neutral again with 4H MACD crossed below signal line. On the downside, break of 212.35 minor support will bring deeper fall back to 210.43 support. On the upside, firm break of 214.40 will bring stronger rebound to retest 216.58 high.
In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 205.75) will argue that it’s already in medium term down trend for 184.35 support.
