Daily Pivots: (S1) 193.03; (P) 193.92; (R1) 195.31; More…
GBP/JPY’s break of 55 D EMA mixes up the original bearish outlook. Intraday bias is now mildly on the upside and further rise could be seen towards 199.79 resistance. On the downside, break of 192.35 support will bring deeper fall back to 188.07.
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.
