Daily Pivots: (S1) 187.10; (P) 188.16; (R1) 189.72; More…
Intraday bias in GBP/JPY remains neutral as consolidation continues above 184.35. Risk will stay on the downside as long as 190.06 resistance holds. Below 184.35 will target 180.00 low. Nevertheless, break of 190.06 will turn bias back to the upside for stronger rebound.
In the bigger picture, price actions from 208.09 are seen as a correction to rally from 123.94 (2020 low). Strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. However, sustained break of 175.94 will bring deeper fall even still as a correction.
