Daily Pivots: (S1) 204.94; (P) 205.37; (R1) 205.94; More…
Intraday bias in GBP/JPY stays neutral for consolidation above 203.82 temporary low. Corrective fall from 208.09 short term top could still extend lower. Break of 203.82 would target 38.2% retracement of 191.34 to 208.09 at 201.69. Strong support is expected there to bring rebound. On the upside, above 206.35 minor resistance will turn intraday bias will turn bias back to the upside for retesting 208.09. 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.
