Daily Pivots: (S1) 205.92; (P) 206.56; (R1) 207.85; More…
Intraday bias in GBP/JPY is back on the upside with break of 206.84 temporary top. Current rally from 184.35 should target a retest on 208.09 high. Firm break there will confirm larger up trend resumption. On the downside, below 205.29 minor support will turn bias neutral again.
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.
