Daily Pivots: (S1) 197.30; (P) 198.15; (R1) 199.52; More…
GBP/JPY’s rally from 184.35 resumed by breaking through 198.78 and intraday bias is back on the upside. Firm break of 199.79 resistance will target 100% projection of 180.00 to 199.79 from 184.35 at 204.14 next. For now, near term outlook will stay bullish as long as 195.33 support holds, in case of retreat.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
