GBP/JPY Technical Analysis – H1

The extreme phase of the upward correction has almost completely exhausted itself. If the downtrend remains valid and retains its strength, bears need to demonstrate this directly from current levels; otherwise, the prospects for further downside development will come under serious question.

Key Levels:

□ 213.00 (resistance / breakout level)

□ 212.00 (intermediate support)

□ 211.00 (support)

□ 210.00 (key downside target)

Primary Scenario:

Transition to a decline toward 212.00 and 211.00.

Alternative Scenario:

Breakout and consolidation above 213.00.

Analyst Commentary:

Probable targets for the bears lie in the area of new structure lows (below 210.00).