GBP/JPY, Technical Analysis – H1
GBP/JPY continues its strong uptrend, developing classic “bull flag” patterns. Momentum is gradually slowing, suggesting that once the current leg reaches its target, a deeper corrective move may follow due to profit-taking.
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.
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.