GBP/JPY’s rebound from 209.55 extended higher. But near term risk will stay on the downside as long as 55 4H EMA (now at 214.06) holds. Below 211.67 minor support will bring retest of 209.55 low first. Nevertheless, sustained trading above 55 4H EMA will bring stronger rally to 61.8% retracement of 219.56 to 209.55 at 215.73.
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.
 holds. Below 211.67 minor support will bring retest of 209.55 low first. Nevertheless, sustained trading above 55 4H EMA will bring stronger rally to 61.8% retracement of 219.56 to 209.55 at 215.73.){kind=link}