Daily Pivots: (S1) 203.84; (P) 204.58; (R1) 205.42; More…
GBP/JPY’s rally from 197.47 is in progress and intraday bias stays on the upside for 61.8% projection of 184.35 to 199.96 from 197.47 at 207.11. On the downside, below 203.870minor support will turn intraday bias neutral and bring consolidations first. But outlook will remain bullish as long as 201.24 resistance turned support holds, in case of retreat.
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.
