GBP/JPY’s up trend resumed by breaking through 217.99 and intraday bias is back on the upside. Current rally should target 220.90 fibonacci projection level next. On the downside, below 217.99 minor support will turn intraday bias neutral again first.
In the bigger picture, the long term up trend is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. For now, outlook will remain bullish as long as 55 W EMA (now at 208.22) holds, in case of pullback.
