Daily Pivots: (S1) 211.85; (P) 212.51; (R1) 213.07; More…
GBP/JPY’s rise from 207.20 resumed by breaking 213.29 resistance and intraday bias is back on the upside. Further rise should be seen to retest 214.98 high. On the downside, below 212.31 minor support will turn bias neutral first. But risk will now remain on the upside as long as 209.58 support holds, in case of retreat.
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 203.13) holds, even in case of another deep pullback.
