GBP/JPY’s break of 55 4H EMA (now at 213.89) suggest that fall from 219.56 has completed at 209.55. Intraday bias is back on the upside for 61.8% retracement of 219.56 to 209.55 at 215.73. Firm break there will pave the way to retest 219.56 high. On the downside, though, break of 211.44 will bring retest of 209.55 low instead.
In the bigger picture, focus is on 55 W EMA (now at 209.10). Strong rebound from there will keep the up trend from 123.94 (2020 low) intact. Another rally is expected through 219.56 at a later stage. However, sustained break of 55 W EMA will argue that it’s already in a medium term down trend to 184.35 support.
 suggest that fall from 219.56 has completed at 209.55. Intraday bias is back on the upside for 61.8% retracement of 219.56 to 209.55 at 215.73. Firm break there will pave the way to retest 219.56 high. On the downside, though, break of 211.44 will bring retest of 209.55 low instead.){kind=link}