GBP/JPY’s steep decline and break of 212.90 support argues that rebound from 210.43 has already completed. Intraday bias is back on the downside for 211.23 support first. Firm break there will target 210.43. On the upside, above 214.04 minor resistance will turn intraday bias neutral again.
In the bigger picture, 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 207.11) will argue that it’s already in medium term down trend for 184.35 support.
