GBP/JPY’s rally is in progress and intraday bias stays 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, below 213.28 minor support will turn intraday bias neutral again first.
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.
