GBP/JPY Sees Continued Upside Trend Amid Strong Rebound

The GBP/JPY exchange rate is expected to continue its upward trend, according to an analysis from Action Forex. The current intraday bias remains on the upside, with a target of retesting the high of 219.56.

However, if the price falls below the minor support level of 216.20, it could turn the bias neutral and lead to consolidations before another rally. This scenario would indicate that the strong rebound above the 55-week exponential moving average (EMA) is intact.

The bigger picture shows that the up trend from 123.94 (2020 low) remains in place, with a firm break of 209.55 potentially targeting the 100% projection of 148.93 to 208.09 at 243.51.