GBP/JPY Consolidation: Break or Extend?

The GBP/JPY pair is currently in a state of consolidation below the key level of 219.56, according to ActionForex's latest analysis.

Intraday bias remains neutral, with downside expected to be contained by the support level of 216.39, potentially bringing another rally.

On the upside, a firm break of 219.56 could extend the larger uptrend towards the Fibonacci projection level at 220.90.

However, if the pair were to break below 216.39, it would indicate a deeper decline towards the support level of 212.36 instead.

In the bigger picture, the long-term uptrend is still in progress, with the next target being the 61.8% projection of the 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90.