Intraday bias in GBP/JPY remains neutral for the moment. On the upside, above 211.25 will target 38.2% retracement of 219.56 to 207.06 at 211.83. Break there will target 61.8% retracement at 214.78. Nevertheless, firm break of 207.06 will extend the fall from 219.56 to 206.10 fibonacci support.
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.
