Daily Pivots: (S1) 197.53; (P) 198.52; (R1) 200.08; More…
GBP/JPY rebounded after brief dip to 196.95 and intraday bias is turned neutral. Consolidations from 199.96 might still extend and below 196.95 will target 193.99 cluster support (38.2% retracement of 184.35 to 199.96 at 193.99). Nevertheless, firm break of 199.96 will resume larger rise from 184.35.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
