Daily Pivots: (S1) 212.97; (P) 213.33; (R1) 213.79; More…
GBP/JPY’s break of 212.35 support suggests that rebound from 210.43 has completed at 214.40. Fall from there is seen as the third leg of the pattern from 216.58 high. Intraday bias is back on the downside for 210.43 first. Break there will confirm and target 100% projection of 216.58 to 210.43 from 214.40 at 208.25. For now, risk will stay on the downside as long as 214.40 resistance holds, in case of recovery.
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.
