Daily Pivots: (S1) 188.20; (P) 189.15; (R1) 189.73; More…
Intraday bias in GBP/JPY remains neutral for now, and risk stays mildly on the downside with 193.04 resistance intact. On the downside, firm break of 187.04 will extend the fall from 199.79 towards 180.00 support. That will also raise the chance that correction from 208.09 is resuming downward.
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 even still as a correction.
