GBP/JPY stayed in consolidations below 219.56 last week and outlook is unchanged. Initial bias remains neutral this week first. Downside should be contained by 216.39 support to bring another rally. On the upside, firm break of 219.56 will extend larger up trend to 220.90 fibonacci projection level next.
In the bigger picture, the long term up trend is in progress. Next target is 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. For now, outlook will remain bullish as long as 55 W EMA (now at 208.62) holds, in case of pullback.
In the long term picture, up trend from 116.83 (2011 low) is in progress. Next target is 251.09 (2007 high). This will remain the favored case as long as 55 M EMA (now at 188.96) holds.
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