Intraday bias in GBP/JPY remains mildly on the upside at this point. Rise from 209.55 should target a retest on 219.56 high. On the downside, below 216.20 minor support will turn bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, strong rebound above 55 W EMA (now at 209.69) 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.
