Daily Pivots: (S1) 201.06; (P) 202.54; (R1) 203.41; More…
GBP/JPY’s break of 201/89 minor support suggests that rebound from 200.67 has completed. Intraday bias is back on the downside for 200.67. Firm break there will resume whole fall from 205.30, and target 100% projection of 205.30 to 200.67 from 204.22 at 199.59. For now, risk will stay on the downside as long as 204.22 resistance holds, in case of recovery.
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.
