Daily Pivots: (S1) 190.53; (P) 191.04; (R1) 191.43; More…
Further rise remains mildly in favor in GBP/JPY as long as 189.28 minor support holds. Rebound from 184.35 would target 195.95 resistance next. However, break of 189.28 will suggest that the rebound has completed and turn bias back to the downside.
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.
