GBP/JPY, Technical Analysis – H1
The pair is currently working off bullish sentiment gained in the demand zone of 212,800–213,000. The overall upside target is quite ambitious at 215,200.
The pair is currently working off bullish sentiment gained in the demand zone of 212,800–213,000. The overall upside target is quite ambitious at 215,200. However, bulls will face significant resistance at 213,800 and especially 214,600, both of which are capable of triggering a correction.
Key Levels:
□ 214,600 (major resistance)
□ 213,800 (key resistance)
□ 213,400 (secondary support)
□ 212,800–213,000 (demand zone)
Primary Scenario:
Breakthrough toward 214,600, followed by a correction to 213,800.
Alternative Scenario:
Pullback from 213,800, correction toward 213,400, then a new upward swing toward 214,600.
Analyst Commentary:
Selling within this structure is highly inadvisable.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.