Daily Pivots: (S1) 194.26; (P) 195.12; (R1) 196.47; More…
GBP/JPY is still extending consolidation from 196.38 and intraday bias remains neutral. Further rise is expected with 191.86 support intact. Firm break of 196.38 will resume whole rally from 184.35 to 199.79 resistance, and possibly further to 100% projection of 180.00 to 199.79 from 184.35 at 204.14.
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.
