GBP/JPY’s strong rally today and breach of 216.58 suggests that larger up trend is resuming. Intraday bias is back on the upside. Sustained trading above 216..58 will target 220.90 fibonacci projection. For now, risk will stay on the upside as long as 214.61 support holds, in case of retreat.
In the bigger picture, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 207.89) will argue that it’s already in medium term down trend for 184.35 support.
