Intraday bias in GBP/JPY remains neutral as range trading continues. For now, risk will stay on the downside as long as 38.2% retracement of 219.56 to 207.06 at 211.83 holds. 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.
