Intraday bias in GBP/JPY stays on the downside for the moment. Fall from 219.56 should target 206.10 fibonacci level. On the upside, above 209.73 minor resistance will turn intraday bias neutral first.
In the bigger picture, price action from 219.56 is seen as correcting the up trend from 184.35 (2025 low). Deeper fall could be seen to 38.2% retracement of 184.35 to 219.56 at 206.10 before the correction completes. For now, risk will stay on the downside as long as 217.45 resistance holds, in case of rebound.
