Intraday bias in GBP/JPY is turned neutral with with current retreat, and some consolidations would be seen below 219.56. Downside should be contained by 216.39 support to bring another rally. On the upside, break of 219.56 will extend larger up trend to 220.90 fibonacci projection level next.
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.
