Daily Pivots: (S1) 203.34; (P) 205.73; (R1) 207.61; More…
GBP/JPY recovered after diving sharply to 203.82. While deeper fall could be seen, strong support should emerge from 38.2% retracement of 191.34 to 208.09 at 201.69 to bring rebound, and set the range of consolidations below 208.09 short term top. However, sustained break of 201.69 will argue that larger correction is already underway.
In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 155.33 to 188.63 from 178.32 at 211.62. Outlook will stay bullish as long as 200.72 resistance turned support holds, even in case of deep pullback.
