Intraday bias in GBP/JPY is turned neutral with current recovery. On the upside, break of 209.73 minor resistance will suggest short term bottoming. Stronger rebound should then be seen to 55 4H EMA (now at 211.24). On the downside, below 207.06 will extend the decline from 219.56 to 206.10 fibonacci level.
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.
. On the downside, below 207.06 will extend the decline from 219.56 to 206.10 fibonacci level.){kind=link}