GBP/JPY is still bounded in range of 212.90/215.59 at this point, and intraday bias remains neutral. On the upside, above 215.59 will resume the rise from 210.43 to retest 216.58 high. On the downside, break of 212.90 will resume the fall from 215.59 to 211.23 support first.
In the bigger picture, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 207.11) will argue that it’s already in medium term down trend for 184.35 support.
