Daily Pivots: (S1) 198.82; (P) 199.45; (R1) 200.24; More…
Intraday bias in GBP/JPY remain son the upside with focus on 199.96 resistance. Firm break there will resume the rally from 184.35, and that from 180.00. Next target is 100% projection of 180.00 to 199.79 from 184.35 at 204.14. On the downside, below 198.16 minor support will turn intraday bias neutral again first. But outlook will stay bullish as long as 195.01 support holds, in case of retreat.
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.
