GBP/JPY's strong rebound from 130.88 today suggests that correction from 139.99 might be completed at 130.88, ahead of mentioned 130.17 cluster support (100% projection of 139.99 to 132.98 from 137.01 at 130.00). Intraday bias is cautiously on the upside for the moment. Break of 134.23 minor resistance will affirm this case and target 137.01. Further break there should resume rebound from 122.40 to 139.99 and above. On the downside, we'd still favor the case of further rally as long as 130.17 cluster support holds. Nevertheless, decisive break of 130.17 will indicate that whole rebound from 122.40 has completed already and will bring deeper fall to retest this low.
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.