GBP/JPY, Technical Analysis – H4
GBP/JPY has completed an upward correction into the strong pivot zone at 215.00–215.30, where substantial supply is expected and a fresh leg lower may begin.
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.
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.