Intraday bias in GBP/JPY is turned neutral again with current retreat. Some consolidations should be seen below 217.99 first. But further rally is expected as long as 55 D EMA (now at 214.44) holds. Above 217.99 will resume larger up trend to 220.90 fibonacci projection level next.
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 207.89) will argue that it’s already in medium term down trend for 184.35 support.
