GBP/JPY’s decline from 219.56 accelerated lower today, and focus is now on 212.26 support. Strong rebound from there will keep the up trend from 184.35 intact. In this case, some more consolidations would be seen below 219.56 first, and upside breakout should follow at a later stage. However, decisive break of 216.58 will indicate that it’s already correcting the rise from 184.35, and target 38.2% retracement of 184.35 to 219.56 at 206.10.
In the bigger picture, the long term up trend is in progress. As long as 55 W EMA (now at 208.95), another rally should be seen through 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 at a later stage.
