GBP/JPY Consolidation Set to Give Way to Fresh Rally

The GBP/JPY exchange rate is expected to continue its consolidation trend below 219.56, according to ActionForex. This implies that any downward movement will be limited by the support level at 216.39, paving the way for another rally.

On the upside, a firm break above 219.56 could extend the larger uptrend in GBP/JPY to the Fibonacci projection level of 220.90.

In the bigger picture, the long-term uptrend remains intact, with the next target set at the 61.8% projection of the 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90.

As long as the 55-week exponential moving average (EMA), currently at 208.95, holds, the outlook for GBP/JPY will remain bullish even in case of a pullback.