GBP/JPY Daily Outlook

The intraday bias for the GBP/JPY cross has turned neutral following a recent retreat, pointing to near-term consolidation below the 217.45 resistance zone. Despite this temporary pause in momentum, the broader outlook remains constructive as long as key short-term support at 214.80 continues to hold. A decisive breakout above 217.45 would signal an extension of the rebound that began from the 209.55 low, setting the stage for a retest of the recent 219.56 peak. From a larger timeframe perspective, the broader uptrend originating from the multi-year low of 123.94 established in 2020 remains intact, reinforced by a strong technical rebound above the 55-week Exponential Moving Average (EMA), which currently sits around 209.69. A sustained upward move beyond recent highs opens up a longer-term 100% projection target of 243.51, measured from the 148.93 to 208.09 advance projected from 184.35. Conversely, a clear and sustained weekly break below the 55-week EMA would invalidate the prevailing bullish structure, suggesting the onset of a medium-term corrective downtrend targeting key support around 184.35.