Daily Pivots: (S1) 194.83; (P) 195.19; (R1) 195.74; More…
GBP/JPY recovers notably today but stays in range below 198.94 and intraday bias remains neutral. Outlook is unchanged that corrective pattern from 180.00 is still extending. Further rise is in favor with 194.04 minor support intact. On the upside, above 199.79 will will target channel resistance (now at 203.90). However, firm break of 194.04 will turn bias to the downside for 188.07 support 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.
. However, firm break of 194.04 will turn bias to the downside for 188.07 support instead.){kind=link}