Daily Pivots: (S1) 212.35; (P) 212.83; (R1) 213.66; More…
Intraday bias in GBP/JPY remains mildly on the upside at this point. Rise from 207.20 should continue to retest 214.98 high. Firm break there will resume larger up trend. On the downside, below 211.56 minor support will turn intraday bias neutral first. Further break of 209.15 will extend the corrective pattern from 214.98 with another falling leg, and target 207.20 support.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Firm break of 214.98 will target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. This will remain the favored case as long as 55 W EMA (now at 202.80) holds, even in case of another deep pullback.
