GBP/JPY, Technical Analysis – H4

Bulls have successfully defended the overall uptrend structure during the latest technical pullback, effectively removing near-term concerns about a potential trend reversal. A fresh upward impulse is now expected, targeting a break above the recent high near 218.00, with further objectives at 218.50 and 219.00.

Key Levels:

□ 218.00 (key resistance/breakout level)

□ 218.50 (next target)

□ 219.00 (further upside target)

Primary Scenario:

Advance toward 218.50 and 219.00.

Alternative Scenario:

Encountering resistance at 218.00.

Analyst Commentary:

Despite the strong and confident uptrend, it is worth noting that the current wave is already the seventh in sequence. This raises the risk of bull exhaustion and potential profit-taking once new highs are printed.