GBP/JPY's recovery was limited below 134.23 and weakens again. The failure below 134.23 suggests that fall from 139.99 is possibly still in progress and focus remains on 130.17 cluster support (100% projection of 139.99 to 132.98 from 137.01 at 130.00). Decisive break there will indicate that whole rebound from 122.40 has completed already and will bring deeper fall to retest this low. nevertheless, strong support from 130.17 and break of 134.23 will retain the bullish case that rise from 122.40 is not finished and should flip bias back to the upside for 137.01 and then 139.99.
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 remains 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.