GBP/JPY’s up trend resumed last week but lost momentum after hitting 208.92. Initial bias stays neutral this week for some consolidations first. Outlook will remain bullish as long as 205.17 support holds, even in case of deep retreat. Break of 208.92 will target 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 next.
In the bigger picture, up trend from 123.94 (2020 low) is resuming. Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. On the downside, break of 199.04 support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pullback.
In the long term picture, up trend from 116.83 (2011 low) is resuming. Next target is 251.09 (2007 high). This will remain the favored case as long as 55 M EMA (now at 180.77) holds.
