GBP/JPY, Technical Analysis – H4

The upward correction has reached the strong pivot zone of 215.00–215.30, where significant supply is likely to be encountered and a new downward phase may follow. If this scenario plays out, the bears’ targets will be 212.00 and 211.00. Should the bulls manage to consolidate above 215.30, the correction could extend as far as 218.00 (see the red trajectory on the chart).

Key Levels:

□ 215.00–215.30 (pivot / supply zone)

□ 212.00 (primary downside target)

□ 211.00 (extended downside target)

□ 218.00 (upside correction target)

Primary Scenario:

Reversal lower from the 215.00–215.30 zone and a decline toward 212.00.

Alternative Scenario:

Breakout to 216.00 with a subsequent target at 218.00.

Analyst Commentary:

Despite the dominant position of the bears, both scenarios remain possible given the technical logic of retesting supply zones.