Daily Pivots: (S1) 193.67; (P) 194.31; (R1) 195.39; More..
GBP/JPY’s up trend continues today and intraday bias stays on the upside for 195.86 long term resistance. Firm break there will target 198.89 projection level. On the downside, below 194.33 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 189.97 support holds, in case of retreat.
In the bigger picture, current rally is part of the up trend from 123.94 (2020 low), and is in progress for 195.86 long term resistance (2015 high). Break there will target 61.8% projection of 155.33 to 188.63 from 178.32 at 198.89 next. Break of 189.97 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.
