GBP/JPY Faces Key Resistance in Downtrend
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GBP/JPY is trading at 191.996, up +0.04%, but remains within a descending channel, signaling continued bearish momentum. The pair is approaching the 193.00–193.50 resistance zone, a critical level where sellers may re-enter to push the price lower.
If the resistance holds, the pair could resume its decline toward 190.50, with an extended target at 188.00, aligning with the lower boundary of the channel. A break above 194.50 would challenge this bearish outlook, potentially leading to a rally toward 196.00.
Traders should watch the 193.00–193.50 zone closely for signs of rejection, as it aligns with the prevailing downtrend. A clear rejection here would confirm the bearish continuation.
If the resistance holds, the pair could resume its decline toward 190.50, with an extended target at 188.00, aligning with the lower boundary of the channel. A break above 194.50 would challenge this bearish outlook, potentially leading to a rally toward 196.00.
Traders should watch the 193.00–193.50 zone closely for signs of rejection, as it aligns with the prevailing downtrend. A clear rejection here would confirm the bearish continuation.
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