GBP/JPY's recovery was limited at 134.00 and subsequent break of 130.88 support confirmed that whole decline from 139.99 has resumed. Initial bias remains on the downside this week for deeper decline. Sustained break of 130.17 support will indicate that whole rebound from 122.40 has completed and further fall should then be seen towards retest of this low. On the upside, break of 134.00 resistance is now needed to signal completion of the fall from 139.99. Otherwise, near term outlook will remain mildly bearish.
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. Current development now favors that case that rebound from 122.40 is merely a correction in three waves that's completed at 139.99. In other words, fall from 163.05 is not over yet. Sustained break of 130.17 support will bring a new low below 122.40. Though, we'd be watching for reversal signal once again around 118.81 (2009 low). On the upside, decisive break of 139.99 resistance will now confirm medium term reversal and should start the third leg of consolidation pattern from 118.81 for 163.05 resistance and above.
In the longer term picture, fall from 251.09 is treated as resumption of multi decade down trend. Note that the fall from 215.87 is not treated as the fifth wave, but the third wave inside the third wave that started at 241.35. Another long term decline is still expected after completion of the correction/consolidation from 118.81, towards 100 psychological level.