The intraday bias in GBP/JPY has become neutral again with the current bounce. Consolidation extends from 210.43 with another up leg. On the downside, a strong break of 210.43 would resume the corrective decline from 21658. However, a sustained break of 214.40 would bring a stronger rally to retest the 216.58 high instead.
In the bigger picture, while the decline from 216.58 is sharp, there is no clear sign of a trend reversal yet. The long term uptrend could still extend to 61.8% forecast from 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, a sustained break of the 55 W EMA (now at 205.91) would indicate that it is already on the medium-term downside to 184.35 support.
