Daily Pivots: (S1) 196.63; (P) 197.21; (R1) 198.03; More…
GBP/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. Current rise from 180.00 should target a retest on 208.09 high next. On the downside, below 196.37 minor support will turn intraday bias neutral again first.
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.
