Daily Pivots: (S1) 197.48; (P) 197.96; (R1) 198.46; More…
The breach of 197.41 support suggests that GBP/JPY’s fall from 199.967 short term top is already correcting the rally from 184.53. Intraday bias is mildly on the downside for 193.99 cluster support (38.2% retracement of 184.35 to 199.96 at 193.99). For now, risk will stay on the downside as long as 199.96 resistance holds, in case of recovery.
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.
. For now, risk will stay on the downside as long as 199.96 resistance holds, in case of recovery.){kind=link}