Daily Pivots: (S1) 207.84; (P) 208.39; (R1) 209.20; More…
GBP/JPY’s break of 208.09 high confirms long term up trend resumption. Intraday bias stays on the upside for next near term target at 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, up trend from 123.94 (2020 low) is resuming. Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. On the downside, break of 199.04 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
