Daily Pivots: (S1) 194.79; (P) 195.67; (R1) 196.29; More…
GBP/JPY’s fall from 199.96 short term top continues today and intraday bias stays on the downside. Deeper fall should be seen to 193.99 cluster support (38.2% retracement of 184.35 to 199.96 at 193.99). Strong support should be seen there to bring rebound, at least on first attempt. On the upside, above 196.51 resistance will turn intraday bias neutral again first. However, sustained break of 193.99 will raise the chance of near term bearish reversal.
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.
. Strong support should be seen there to bring rebound, at least on first attempt. On the upside, above 196.51 resistance will turn intraday bias neutral again first. However, sustained break of 193.99 will raise the chance of near term bearish reversal.){kind=link}