Daily Pivots: (S1) 212.15; (P) 212.65; (R1) 213.08; More…
GBP/JPY’s strong break of 210.77 support suggests that rebound from 207.20 has completed at 213.29. The pattern from 214.98 should now be in the third leg. Intraday bias is back on the downside for 209.15 support first. Firm break there will target 207.20 next. For now, risk will stay on the downside as long as 213.29 resistance holds, in case of recovery.
In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Firm break of 214.98 will target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. This will remain the favored case as long as 55 W EMA (now at 203.13) holds, even in case of another deep pullback.
