As discussed before, rebound from 122.40 might have made a top at 132.96 and intraday bias is mildly on the downside for 127.53 support first. Break there will target a retest on 122.40 low. On the upside, above 132.96 will flip bias back to the upside for another rise. But overall, we'll stay bearish as long as 135.48 resistance holds and expect a break of 122.40 eventually.
In the bigger picture, note that GBP/JPY is still limited below 55 weeks EMA and thus, fall from 163.05 is possibly still in progress. As discussed before, such decline is treated as the second leg of the consolidation pattern that started at 118.81 (2009 low). Hence, while deeper decline would be seen, strong support is expected around 118.81 low to conclude such decline and bring another medium term rise to extend the consolidation from 118.81. However, break of 135.48 resistance is needed to be the first signal of reversal or we'll stay bearish. Meanwhile, Decisive break of 118.81 will in turn confirm long term down trend resumption for 100 psychological level.