GBP/JPY, Technical Analysis – H4

The pair has already completed a 5-wave upward structure. As we have experienced, the market rarely delivers a seventh wave. Therefore, traders should closely monitor the price reaction at the key support zone of 217,700–217,800 to determine whether the uptrend is fully exhausted or remains valid.

Key Levels:

□ 217,700 – 217,800 (critical support)

□ 216,500 (deeper support)

Primary Scenario:

Decline to the 217,700–217,800 zone, followed by an upward rebound.

Alternative Scenario:

Decline toward 216,500.

Analyst Commentary:

Considering it is Friday, when markets typically reduce activity and prepare to close positions ahead of the weekend, trading this pair today may offer limited profitability despite potential volatility.