Daily Pivots: (S1) 188.10; (P) 192.03; (R1) 194.06; More…
GBP/JPY’s break of 190.11 support suggests that corrective pattern from 180.00 has completed with three waves up to 195.95 already. Intraday bias is now on the downside. Deeper decline would be seen back to 183.70 support next. For now, risk will stay on the downside as long as 195.95 resistance holds, in case of recovery.
In the bigger picture, price actions from 208.09 are seen as a correction to whole rally from 123.94 (2020 low). The range of consolidation should be set between 38.2% retracement of 123.94 to 208.09 at 175.94 and 208.09. However, decisive break of 175.94 will argue that deeper correction is underway.
