Daily Pivots: (S1) 211.42; (P) 213.14; (R1) 214.18; More…
GBP/JPY’s break of 210.63 support indicates that a short term top was at least formed at 214.83. Intraday bias is back on the downside for 55 D EMA (now at 208.90). Sustained break there will argue that it’s correcting whole rise from 184.35 and target 38.2% retracement of 184.35 to 214.83 at 203.18. For now, risk will stay on the downside as long as 214.83 holds, in case of recovery.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) 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.
. Sustained break there will argue that it's correcting whole rise from 184.35 and target 38.2% retracement of 184.35 to 214.83 at 203.18. For now, risk will stay on the downside as long as 214.83 holds, in case of recovery.){kind=link}