GBP/JPY Exchange Rate Sees Pullback from Recent High

The GBP/JPY exchange rate has pulled back from its recent high of 217.45, but analysts believe that any further decline will be limited by support at 214.80.

According to Action Forex, intraday bias remains neutral, and a continuation of the upward trend is still expected.

If the pair can break above 217.45, it will target a retest of its previous high at 219.56.

However, if the support level at 214.80 is decisively broken, it could indicate that the rebound from 209.55 has already completed.