GBP/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. Current up trend should target 220.90 fibonacci projection level next. On the downside, below 216.34 minor support will turn intraday bias neutral again and bring consolidations, before staging another rally.
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.
