Daily Pivots: (S1) 191.01; (P) 194.22; (R1) 196.66; More..
GBP/JPY’s fall from 200.53 resumed and hit 191.77 before recovering. For now, further decline is in favor as long as 197.40 minor resistance holds, as correction to rise from 178.32. Sustained break of 55 D EMA (now at 191.42) will pave the way to 61.8% retracement of 178.32 to 200.53 at 186.80.
In the bigger picture, current rally is part of the up trend from 123.94 (2020 low). Sustained break of 61.8% projection of 155.33 to 188.63 from 178.32 at 198.89 will pave the way to 100% projection at 211.65. Break of 189.97 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish in case of retreat.
