Daily pivots: (S1) 211.85; (F) 212.51; (R1) 213.07; more…
The intraday bias for GBP/JPY remains neutral at this point. On the upside, a strong break of resistance at 213.29 will resume the rally from 207.20 and target a retest of the 214.98 high. On the downside, below 209.58 would bring a deeper decline to 207.20 to extend the corrective pattern from 214.98.
In the bigger picture, the uptrend from 123.94 (2020 low) is still in progress. A strong break at 214.98 would target a 61.8% forecast of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. This will remain the preferred case as long as the 55 W EMA (now at 203.13) holds, even in the event of another deep pullback.
