Daily Pivots: (S1) 206.94; (P) 207.37; (R1) 208.16; More…
GBP/JPY’s rally resumed after brief consolidations and it’s now pressing 208.09 high. Intraday bias is back on the upside, and decisive break of 208.09 will confirm larger up trend resumption. Next near term target will be 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98. Outlook will stay bullish as long as 205.17 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 199.04 support will dampen this view and extend the corrective pattern with another fall.
