Intraday bias in GBP/JPY remains on the upside as rise from 209.55 continues today. Corrective fall from 219.56 should have already completed. Sustained break of 61.8% retracement of 219.56 to 209.55 at 215.73 will pave the way to retest 219.56 high. On the downside, below 214.51 minor support will turn bias neutral again first.
In the bigger picture, strong rebound above 55 W EMA (now at 208.91) keeps the up trend from 123.94 (2020 low) intact. Firm break of 209.55 should target 100% projection of 148.93 to 208.09 from 184.35 at 243.51. However, sustained break of 55 W EMA will argue that it’s already in a medium term down trend to 184.35 support.
