GBP/JPY’s break of 209.01 minor resistance suggests that a short term bottom was formed at 207.06 already. Intraday bias is back on the upside for 38.2% retracement of 219.56 to 207.06 at 211.83. However, below 207.06 will extend the fall 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.
