Daily Pivots: (S1) 190.05; (P) 190.66; (R1) 191.33; More…
Intraday bias in GBP/JPY remains on the upside for 195.59 resistance. Firm break there will argue that whole choppy decline from 199.79 has completed at 184.35. Rise from 180.00 could then be ready to resume through 199.79. For now, break of 189.97 support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.
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.
