Intraday bias in GBP/JPY is turned neutral first with current retreat. On the upside, break of 213.75 will extend the rally from 206.85 to 217.45 resistance. However, firm break of 209.54 will argue that the rebound has completed, and bring retest of 206.85 low instead.
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. Strong support is expected from there to bring rebound. However, decisive break will raise the chance of larger trend reversal, and target 61.8% retracement at 197.80.
