Daily Pivots: (S1) 203.56; (P) 203.90; (R1) 204.27; More…
Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations would be seen first. On the upside, above 204.22 will target a retest on 205.30 high. Break there will resume larger rise to 61.8% projection of 184.35 to 199.96 from 197.47 at 207.11. However, break of 201.89 will turn bias to the downside to extend the pattern from 205.30 with another falling leg.
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. However, decisive break of 197.47 support will dampen this view and extend the corrective pattern with another fall.
