Daily Pivots: (S1) 197.75; (P) 198.29; (R1) 199.20; More…
Intraday bias in GBP/JPY stays on the upside for retesting 199.96 resistance first. Decisive break there resume whole rise from 184.35. Next target is 100% projection of 180.00 to 199.79 from 184.35 at 204.14. On the downside, below 197.35 minor support will delay the bullish case and turn intraday bias neutral again. In this case, corrective pattern from 199.96 would extend with another falling leg.
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.
