Intraday bias in GBP/JPY is back on the downside with break of 207.06. Fall from 219.56 is resuming and should target 206.10 fibonacci support. Strong support should be seen there to bring rebound. But break of 211.25 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.
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. Strong support is expected from there to bring rebound. However, decisive break will raise the chance of larger trend reversal, and target 61.8% retracement at 197.80.
