GBP/JPY Technical Analysis – H1
GBP/JPY’s sharp upward correction has largely run its course. Bears must now push lower from current levels to keep the downtrend intact, with targets at 212.00–211.00 and potentially below 210.00.
The extreme phase of the upward correction has almost completely exhausted itself. If the downtrend remains valid and retains its strength, bears need to demonstrate this directly from current levels; otherwise, the prospects for further downside development will come under serious question.
Key Levels:
□ 213.00 (resistance / breakout level)
□ 212.00 (intermediate support)
□ 211.00 (support)
□ 210.00 (key downside target)
Primary Scenario:
Transition to a decline toward 212.00 and 211.00.
Alternative Scenario:
Breakout and consolidation above 213.00.
Analyst Commentary:
Probable targets for the bears lie in the area of new structure lows (below 210.00).
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.