A break of the 214.40 resistance level indicates that the GBP/JPY rebound from 210.43 has begun to resume. Intraday bias is back to the upside to retest the 216.58 high. Strong resistance should be seen there to cover the uptrend, at least in the first attempt. On the downside, minor support at 213.25 will shift the intraday bias back to neutral first.
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 206.27) would indicate that it is already on the medium-term downside to 184.35 support.
