GBP/JPY stayed in sideway consolidations below 212.13 last week. Initial bias stays neutral this week first, and further rally is in favor as long as 21.02 support holds. On the upside, decisive break of 61.8% projection of 184.35 to 205.30 from 199.04 at 211.98 will extend current up trend to 100% projection at 219.99 next. Nevertheless, firm break of 210.02 support should confirm short term topping. Deeper decline would be seen to 55 D EMA (now at 207.19) as a correction.
In the bigger picture, up trend from 123.94 (2020 low) is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. On the downside, break of 205.30 resistance turned 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 182.91) holds.
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