Intraday bias in GBP/JPY remains neutral at this point. Also the upside, firm break of 209.01 minor resistance should indicate short term bottoming, on bullish divergence condition in 4H MACD. That would bring stronger rebound to 55 4H EMA (now at 210.08). Break will target 38.2% retracement of 219.56 to 207.06 at 211.83. However, below 207.06 will extend the fall from 219.56 to 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.
. Break will target 38.2% retracement of 219.56 to 207.06 at 211.83. However, below 207.06 will extend the fall from 219.56 to fibonacci level.){kind=link}