Focus remains on 212.26 support in GBP/JPY. Strong rebound from there will keep the up trend from 184.35 intact. In this case, some more consolidations would be seen below 219.56 first, and upside breakout should follow at a later stage. However, decisive break of 216.58 will indicate that it’s already correcting the rise from 184.35, and target 38.2% retracement of 184.35 to 219.56 at 206.10.
In the bigger picture, the long term up trend is in progress. As long as 55 W EMA (now at 208.95), another rally should be seen through 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 at a later stage.
