Daily Pivots: (S1) 214.23; (P) 214.80; (R1) 215.93; More…
GBP/JPY’s break of 214.98 confirms up trend resumption. Intraday bias stays on the upside for 61.8% projection of 199.04 to 214.98 from 209.58 at 219.43. On the downside, below 213.61 minor support will turn intraday bias neutral again first.
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 204.47) holds, even in case of another deep pullback.
