Daily Pivots: (S1) 190.23; (P) 190.98; (R1) 192.00; More…
Intraday bias in GBP/JPY remains on the upside at this point. Rise from 184.35 would target 195.95 resistance next. Firm break there will suggest that choppy decline from 199.79 has also finished too. On the downside, below 189.28 minor support will turn intraday bias neutral first.
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 175.94 will bring deeper fall even still as a correction.
