GBP/JPY Extends Uptrend as Rebound Continues

The GBP/JPY currency pair's rebound from 209.55 continued its upward trend last week, extending higher after brief consolidations.

According to Action Forex, the initial bias is on the upside this week, with a focus on the 219.56 high that was reached earlier.

The correctional fall from 219.56 has likely completed, and a sustained break of the 61.8% retracement at 215.73 would pave the way for a retest of the 219.56 high.

In the bigger picture, the strong rebound above the 55 W EMA (now at 208.91) has kept the uptrend from 123.94 intact, with a target of 243.51 if the 209.55 support is broken.