GBP/JPY’s pullback from 217.45 extends lower today but downside is contained above 214.80 support. Intraday bias remains neutral and further rally is still in favor. Above 217.45 will target a retest on 219.56 high. However, decisive break of 214.80 will argue that rebound from 209.55 has already completed.
In the bigger picture, strong rebound above 55 W EMA (now at 209.91) 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.
