Intraday bias in GBP/JPY is turned neutral first with current retreat. Fall from 219.56 might have completed as a three-wave correction at 206.85. Above 211.96 will target 217.45/219.56 resistance zone. On the downside, however, break of 208.34 will dampen this bullish case, and bring retest of 206.85 low.
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.
