GBP/JPY’s break of 211.25 resistance confirms short term bottoming at 206.85, on bullish divergence condition in 4H MACD. Fall from 219.56 might have completed as a three-wave correction today. Intraday bias is back on the upside for 217.45/219.56 resistance zone. On the downside, however, below 210.15 minor support will dampen this bullish view and turn 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. 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.
