Intraday bias in GBP/JPY remains mildly on the downside for further fall towards 130.17 cluster support (100% projection of 139.99 to 132.98 from 137.01 at 130.00), which is the main near term focus. Decisive break there will suggest that whole rebound from 122.40 has completed already and will bring deeper fall to retest this low. Meanwhile, strong support from 130.00/17 and rebound will retain the bullish case that rise from 122.40 is still in progress. Above 134.23 minor resistance will turn intraday bias neutral first. Further break of 137.01 resistance will flip bias back to the upside for 139.99 and above.
In the bigger picture, as noted before, choppy fall from 163.05 is treated as second leg of the consolidation pattern that started at 2009 low of 118.81. Question remain on whether such decline has completed at 122.40 already. We'll remain cautiously bullish on the cross as long as 130.17 support holds and expect rise from 122.40 to resume sooner or later towards 163.05 or above. However, sustained break of 130.17 will indicate that another low below 122.40 would be seen before GBP/JPY finally reverses.