GBP/JPY – Bearish Pullback? Forming at Key Resistance 195.00
GBPJPY is currently showing signs of a pullback within a larger descending channel on the 4H chartPrice has bounced from the lower boundary and is now approaching a critical resistance zone around 195.00 which aligns with the upper trendline of the channel This area has previously acted as a strong rejection point...
What to watch
A retest of 195.00 could complete the pullback
If price fails to break above and forms rejection signals we could see a bearish continuation toward the 190.00 support or even lower near 186.00 The overall structure still favors the bears unless there’s a clean breakout above the descending channel
This could present a great opportunity for trend-following traders waiting for a deeper correction before a possible sell-off resumes...
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.