Daily Pivots: (S1) 200.49; (P) 200.94; (R1) 201.56; More…
Intraday bias in GBP/JPY remains neutral, and risk will stay on the downside as long as 203.24 resistance holds. Below 199.04 will resume the fall from 205.30 to 194.47 cluster (38.2% retracement of 184.35 to 205.30 at 197.29). Sustained break of 197.29/47 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.
. Sustained break of 197.29/47 should confirm near term reversal, and target 61.8% retracement 192.35 next.){kind=link}