Daily Pivots: (S1) 210.28; (P) 211.23; (R1) 212.40; More…
Intraday bias in GBP/JPY remains neutral for consolidations. Risk will stay on the downside as long as 214.83 holds, even in case of strong recovery. Below 209.61, and sustained break of 55 D EMA (now at 209.27) 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.
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.
 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.){kind=link}