Daily Pivots: (S1) 203.34; (P) 205.73; (R1) 207.61; GBP/JPY saw a recovery after a sharp drop to 203.82. Although a further decline is possible, strong support is expected at 201.69, which is the 38.2% retracement level of the move from 191.34 to 208.09. This support should lead to a rebound and establish a consolidation range below the recent short-term peak of 208.09. However, if the 201.69 level is decisively broken, it may indicate that a larger correction is already underway.
In the broader picture, the long-term uptrend remains intact. The next target is projected to be at 211.62, which is the 100% projection of the move from 155.33 to 188.63 starting from 178.32. The outlook will remain bullish as long as the 200.72 resistance turned support level holds, even in the event of a significant pullback.