GBP/JPY’s decline continues today, and the strong break of 212.367 support confirms that it’s already correcting whole up trend from 184.35 to 219.56. Intraday bias stays on the downside for 38.2% retracement of 184.35 to 219.56 at 206.10. On the upside, above 212.33 minor resistance will turn intraday bias neutral again first.
In the bigger picture, as long as 55 W EMA (now at 208.85) holds, the long term up trend is still expected to continue. But some more consolidations should be seen below 219.56 medium term top first. However, sustained break of 55 W EMA will argue that it’s already in a medium term down trend to 184.35 support and below.
