Intraday bias in GBP/JPY is turned neutral first with current retreat. Some consolidations could be seen below 216.20 first. Further rise is in favor as long as 213.28 support holds. Break of 216.20 will target a retest on 219.56 high. Nevertheless, firm break of 213.28 will bring deeper fall back to 209.55 low.
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.
