The strong rebound in GBP/JPY last week suggests that correction from 199.96 has completed at 195.01 already. Initial bias stays on the upside for retesting 199.96 first. Firm break there will resume whole rise from 184.35. Next target is 100% projection of 180.00 to 199.79 from 184.35 at 204.14. On the downside, below 197.35 minor support will delay the bullish case and turn intraday bias neutral again.
In the bigger picture, price actions from 208.09 (2024 high) are seen as a correction to rally from 123.94 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 123.94 to 208.09 at 175.94 to contain downside. Meanwhile, decisive break of 208.09 will confirm long term up trend resumption.
In the long term picture, there is no sign that the long term up trend from 122.75 (2016 low) has concluded. But firm break of 208.09 is needed to confirm resumption. Otherwise, more medium term range trading could still be seen.
