The strong break of 209.47 suggests that corrective fall from 219.56 has completed with three waves to 207.06. Intraday bias in GBP/JPY is back on the upside for 38.2% retracement of 219.56 to 207.06 at 211.83. Break there will target 61.8% retracement at 214.78. On the downside, below 209.47 will turn intraday bias neutral again.
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.
