Daily Pivots: (S1) 189.79; (P) 191.07; (R1) 192.00; More…
Intraday bias in GBP/JPY remains on the downside at this point. Fall from 199.79 should target 183.70 support. Break there will bring retest of 180.00 low. On the downside, above 192.45 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 55 D EMA (now at 194.73) 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.
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