Intraday bias in GBP/JPY remains on the upside at this point. Rebound from 210.43 is in progress and should target a retest on 216.58 high. Strong resistance should be seen there to cap upside, at least on first attempt. On the downside, below 213.25 minor support will turn intraday bias neutral again first.
In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 206.27) will argue that it’s already in medium term down trend for 184.35 support.
