GBP/JPY’s rise from 178.32 continued last week and breach of 188.63 argues that larger up trend is resuming. Initial bias stays on the upside this week. Sustained trading above 188.63 will confirm this case and target 38.2% projection of 155.33 to 188.63 from 178.32 at 191.04. On the downside, below 1187.01 minor support will turn intraday bias neutral and bring consolidations first. But outlook will stay bullish as long as 184.15 resistance turned support holds, in case of retreat.
In the bigger picture, up trend from 123.94 (2020 low) in in progress. Medium term outlook will stay bullish as long as 178.32 support holds. Next target is 195.86 long term resistance (2015 high).
In the longer term picture, rise from 122.75 (2016 low) in still in progress despite loss of upside momentum as seen in W MACD. Further rise will remain in favor, as long as 172.11 support holds, to retest 195.86 (2015 high).
