Daily Pivots: (S1) 188.07; (P) 188.99; (R1) 190.74; More…
GBP/JPY’s extended rebound suggests that fall from 198.94 has completed with three waves down to 194.73. Intraday bias is now on the upside for 194.73 resistance first. Firm break there will solidify this case and target 198.94 next. On the downside, below 190.75 minor support will turn intraday bias neutral again. Overall, corrective pattern from 180.00 would likely extend for a while.
In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 152.11 will bring deeper fall to 100% projection of 208.09 to 180.00 from 199.79 at 171.70, even still as a correction.
