Daily Pivots: (S1) 198.52; (P) 199.12; (R1) 200.20; More…
GBP/JPY’s rally from 180.00 is in progress and intraday bias stays on the upside. Next target is a retest on 208.09 high. On the downside, below 196.37 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.
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.
