The GBPJPY price decline halted at the demand level of 184.370 in September last year, triggering a bullish rally that peaked at the resistance level of 199.720. However, the price subsequently retreated, returning to the origin of the ascent at 184.370. Currently, the bulls have once again reached the 199.720 supply zone but are struggling to break through decisively.
The previous decline from the 199.720 supply level stalled at the same demand zone where a bullish reversal occurred in September. The bulls remain active, defending this critical support area. Notably, the April retest of this level produced a single bullish rejection candle, confirming strong buying interest.
Since then, the price has climbed steadily, forming consistent higher lows. However, a double top pattern has now emerged at 199.720, mirroring the price action from October, where the rally stalled. This has led to a pullback toward a key bullish trendline.
GBPJPY Short-Term Outlook
A bullish parallel channel has guided the price toward the 199.720 supply zone. The latest test of this resistance triggered a decline toward the channel’s lower boundary. While the immediate market structure appears bearish, a decisive break below the supporting trendline would signal a potential reversal.
Alternatively, a Change of Character (ChoCh) could occur near the trendline support, leading to another attempt to breach the supply zone. The best forex signals will emerge once price action confirms the market’s next directional bias. Traders should remain patient and wait for a clear breakout or rejection before committing to new positions.
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GBPJPY Short-Term Outlook
GBPJPY Short-Term Outlook
