Intraday bias in GBP/JPY is turned neutral first with current retreat. Some consolidations would be seen but downside should be contained above 214.61 support. On the upside, firm break of 217.19 will extend larger up trend and target 220.90 fibonacci projection level.
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.
