Daily Pivots: (S1) 192.99; (P) 193.57; (R1) 194.67; More…
No change in GBP/JPY’s outlook, as it stays bearish as long as 55 D EMA (now at 193.97) holds. On the downside, below 190.59 minor support will bring retest of 188.07 first. Break there will target 183.70 support next. However, sustained trading above the EMA will bring stronger rebound back to 199.79 resistance instead.
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.
 holds. On the downside, below 190.59 minor support will bring retest of 188.07 first. Break there will target 183.70 support next. However, sustained trading above the EMA will bring stronger rebound back to 199.79 resistance instead.){kind=link}