GBP/JPY’s up trend resumed last week and surged to 217.99 before retreating. Initial bias remains neutral this week for consolidations. Further rally is expected as long as 214.69 support holds. Above 217.99 will target 220.90 fibonacci projection level next.
In the bigger picture, the long term up trend 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. For now, outlook will remain bullish as long as 55 W EMA (now at 207.89) holds, in case of pullback.
In the long term picture, up trend from 116.83 (2011 low) is in progress. Next target is 251.09 (2007 high). This will remain the favored case as long as 55 M EMA (now at 188.85) holds.
