Daily Pivots: (S1) 192.64; (P) 193.11; (R1) 193.86; More…
GBP/JPY’s rise from 184.35 resumed by breaking through 193.72 resistance today. Intraday bias is back on the upside for 195.95 resistance next. Firm break there will suggest that whole choppy decline from 199.79 has completed. For now, risk will stay on the upside as long as 190.22 support holds, 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.
