Intraday bias in GBP/JPY is turned neutral first with current retreat. Some consolidations would be seen below 217.45. But further rally is expected as long as 214.80 support holds. On the upside, above 217.45 will extend the rise from 209.55 to retest 219.56 high.
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.
