Daily Pivots: (S1) 202.66; (P) 203.37; (R1) 204.61; More…
GBP/JPY’s rally continues and intraday bias stays on the upside. Next target is 61.8% projection of 184.35 to 199.96 from 197.47 at 207.11. On the downside, below 202.10 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a corrective pattern which might have completed at 184.35. Firm break of 208.09 high will resume the up trend from 123.94 (2020 low). Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. This will now remain the favored case long as 197.47 support holds.
