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. 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.