GBP/JPY Faces Bearish Pressure with Key Support Levels in Focus

Sep 10

GBP/JPY Technical Analysis

Current Outlook: The price of GBP/JPY is currently trading near the pivot zone, showing bearish momentum. It appears poised for further downside, as it is struggling to hold above key support levels.

Best Scenario: The downtrend scenario is the most likely, with the price pushing lower toward the support zone. If the price breaks below 184.11, it could further decline towards the next major support at 182.49 and potentially reach 180.18, otherwise stability above 186.400 means will try to touch 188.200

Key Levels:

Pivot Zone: 186.37
Resistance Levels: 188.29, 191.58, 193.29
Support Levels: 184.11, 182.49, 180.18

Expected Range Today: The price is expected to move between 186.37 and 184.11, with a bias toward further downside pressure.

Overall Trend: The overall trend remains bearish, especially if the price breaks below 184.11, signaling further downside potential. Stabilization above the pivot zone at 186.37 could shift the trend, but for now, the downtrend dominates.

previous idea:

Sep 11

Trade closed: target reached

GBP/JPY
Update


pair has perfectly reached our target of approximately 220 pip.
It remains in a bearish trend as long as it trades below 184.115, targeting 182.495. Therefore, you can initiate a sell position as long as the price stays under 184.115, with a target of 182.500 and a stop loss above 184.200.