Daily Pivots: (S1) 201.38; (P) 202.33; (R1) 203.65; More…
Intraday bias in GBP/JPY remains neutral at this point. On the upside, break of 204.22 will affirm near term bullishness and target 205.30 high next. Nevertheless, below 200.54 will extend the fall from 205.30 towards 197.47 key structural support.
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.
