Daily Pivots: (S1) 190.05; (P) 190.66; (R1) 191.33; More…
GBP/JPY’s rise from 184.35 resumed by breaking through 191.70 and intraday bias is back on the upside. Further rally would be seen to 195.95 resistance next. For now, break of 189.97 support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.
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.
