Daily Pivots: (S1) 204.36; (P) 204.86; (R1) 205.75; More…
GBP/JPY’s rise from 184.35 resumed by breaking through 205.30 and intraday bias stays on the upside for 208.09 high. Decisive break there will confirm long term up trend resumption. On the downside, below 204.70 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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 199.04 support will dampen this view and extend the corrective pattern with another fall.
