Daily Pivots: (S1) 197.94; (P) 199.10; (R1) 199.89; More…
GBP/JPY failed to break through 200.26 resistance and retreated sharply. But downside is contained above 197.93 support. Intraday bias remains neutral and further rise is still in favor. Firm break of 200.26 will confirm resumption of whole rise from 184.35, and that from 180.00. Further rally should then be seen to 100% projection of 180.00 to 199.79 from 184.35 at 204.14. On the downside, however, break of 197.93 support should confirm short term topping, and turn bias to the downside for 195.01 support next.
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.
