Daily Pivots: (S1) 212.85; (P) 213.46; (R1) 214.39; More…
GBP/JPY fell sharply after rejection by 55 4H EMA but stays above 210.43. Intraday bias remains neutral first. Further decline is expected as long as 214.21 holds. Below 210.43 will target 209.58 support first. Break will target 38.2% retracement of 184.35 to 216.58 at 204.28.
In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 205.45) will argue that it’s already in medium term down trend for 184.35 support.
