Daily Pivots: (S1) 203.87; (P) 204.31; (R1) 204.92; More…
GBP/JPY’s rally is still in progress and intraday bias stays on the upside for 205.30 resistance. Firm break there will resume whole rise from 185.43 and target 208.09 high. For now, further rise is expected as long as 102.31 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.
