GBP/JPY, Technical Analysis – H1

The pair remains in a solid uptrend, consistently working out trend swings through “bull flags.” The dynamics of these swings are gradually fading. After the current wave — which is likely targeting the 218.40–218.50 zone based on the size of the latest flag — a strong downward correction may unfold as buyers lock in profits.

Key Levels:

□ 218.40–218.50 – Primary upside target

□ 217.00 – Nearest support / potential correction start

Primary Scenario:

Continued growth toward 218.40–218.50.

Alternative Scenario:

Reaching the target zone followed by a deeper corrective decline on profit-taking.

Analyst Commentary:

There is no need to hunt for a downside reversal while the uptrend remains strong. The best approach is to follow the prevailing trend.