Daily Pivots: (S1) 203.40; (P) 203.96; (R1) 204.79; More…
Intraday bias in GBP/JPY remains on the upside for the moment. Break of 204.22 support should confirm that correction from 205.30 has completed. Break of 205.30 will resume the rally from 185.43 to 208.09 high. this will now remain the favored case as long as 203.31 support holds, in case of retreat.
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.
