GBP/JPY’s steep decline suggests that rebound from 209.55 has already completed at 217.45. Fall from there is seen as the third leg of the corrective pattern from 219.56. Intraday bias is back on the downside for 209.55 support next. On the upside, above 213.68 minor resistance will turn intraday bias neutral first.
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.
