Daily Pivots: (S1) 194.93; (P) 195.54; (R1) 196.71; More…
GBP/JPY’s fall from 199.79 resumed after brief consolidations and intraday bias is back on the downside. As noted before, corrective rise from 180.00 could have completed with three waves up to 199.79, after hitting channel resistance. Break of 193.45 resistance turned support will target 183.70 next. On the upside, above 196.13 minor resistance will turn intraday bias neutral again.
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.
