GBPJPY recent ascent has hit resistance at the 199.480 supply zone. Sellers have defended this level, forming a double-top pattern, signalling potential bearish reversal pressure. Currently, sellers are working to initiate a reversal from this key zone.
The double bottom pattern at the 184.160 demand level marked the end of the previous downtrend and initiated a bullish shift. The sharp move to this demand level created fair value gaps, indicating market inefficiency. The bullish reversal that followed has helped restore balance to the market.
The uptrend gained strength with a break of structure above the 192.500 swing high, reinforcing bullish momentum. However, the supply zone at 199.480 holds a bearish order block, posing significant resistance. This led to the formation of a double top, highlighting active sellers in this area.
GBPJPY Short-Term Trend: Bullish
On the lower timeframes, price action shows GBPJPY nearing a breakout. A bullish trendline on the 4-hour chart has provided support, pushing the price towards the supply zone. A break and retest of this zone could offer an ideal setup for shorting forex signals, to target potential downside from the resistance.
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GBPJPY Short-Term Trend: Bullish
