Daily Pivots: (S1) 199.08; (P) 200.90; (R1) 201.91; More…
Intraday bias in GBP/JPY is back on the downside as fall from 205.30 resumed. Deeper decline should be seen to 194.47 cluster (38.2% retracement of 184.35 to 205.30 at 197.29). Strong support could be seen there to contain downside and bring rebound. above 300.54 minor resistance will turn bias neutral first. However, sustained break of 197.39/47 should confirm near term reversal, and target 61.8% retracement 192.35 next.
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.
. Strong support could be seen there to contain downside and bring rebound. above 300.54 minor resistance will turn bias neutral first. However, sustained break of 197.39/47 should confirm near term reversal, and target 61.8% retracement 192.35 next.){kind=link}