Daily Pivots: (S1) 196.65; (P) 197.46; (R1) 198.03; More…
GBP/JPY is staying in range trading below 198.84 and intraday bias remains neutral. Further rally is expected with 194.04 support intact. Break of 198.94 will resume the rise from 188.07, as a leg of the corrective pattern from 180.00, and target channel resistance (now at 204.05). However, firm break of 194.04 will turn bias to the downside for 188.07 support instead.
In the bigger picture, price actions from 208.09 are seen as a correction to whole rally from 123.94 (2020 low). The range of consolidation should be set between 38.2% retracement of 123.94 to 208.09 at 175.94 and 208.09. However, decisive break of 175.94 will argue that deeper correction is underway.
. However, firm break of 194.04 will turn bias to the downside for 188.07 support instead.){kind=link}