YEN STRIKES BACK- GBPJPY UNDER PRESSURE - POSSIBLE PRICE DECLINESymbol - GBPJPY
The GBPJPY currency pair is currently exhibiting signs of a localized bearish trend, influenced in part by a broader correction in the US dollar. As a result, the Japanese yen is gaining strength, applying downward pressure on the pair.
Price action is retracing back into a key range and encountering significant resistance levels. The pair has moved below a critical resistance zone and is consolidating within a selling area, suggesting potential for a continued decline toward identified support and liquidity zones.
From a technical perspective, the broader trend remains neutral; however, GBPJPY appears to be reacting to a notable resistance level, potentially initiating a corrective pullback. Should bearish momentum persist and the price remain below the 193.45-193.74 resistance band, further downside movement is likely.
Key Resistance Levels: 193.45, 193.74, 194.22
Key Support Levels: 193.04, 192.35, 191.65
Sustained consolidation below the 193.45-193.74 resistance zone would confirm bearish control over the range top. In such a scenario, a continuation of the sell-off is anticipated, with price likely targeting the aforementioned support and liquidity zones.
