Daily Pivots: (S1) 210.93; (P) 211.39; (R1) 212.27; More…
GBP/JPY’s rally resumed by breaking through 211.57 temporary top and intraday bias is back on the upside. Decisive break of 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 will extend current up trend to 100% projection at 219.99 next. On the downside, break of 210.48 support will argue that a short term top is already formed, and turn bias back to the downside for deeper pullback.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. On the downside, break of 205.30 resistance turned support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
