Daily Pivots: (S1) 212.51; (P) 213.46; (R1) 214.81; More…
Intraday bias in GBP/JPY is mildly on the upside with breach of 214.21 resistance. Pullback from 216.58 could have completed at 210.43. Further rise would be seen towards retesting 216.58. However, break of 212.35 will turn bias back to the downside for 210.43 again.
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 205.75) will argue that it’s already in medium term down trend for 184.35 support.
