GBPJPY is hovering around 213.22, just above the key support level of 212.500. Although a bearish trendline continues to exert downward pressure, the current structure suggests that selling momentum has waned, as the price has consistently held above recent lows.
The fundamental backdrop also slightly favors the bulls: the JPY remains broadly weak, while the GBP has not faced sufficient pressure to trigger a sharp reversal. If the price holds above 212.500, GBPJPY could stage a technical rebound and target the 213.600 level.
Entry Focus: Prioritize BUY positions around 212.500 – 212.800 if price stability is observed.
Target: 213.600
Invalidation: The bullish scenario is invalidated if the H4 candle closes below...
The fundamental backdrop also slightly favors the bulls: the JPY remains broadly weak, while the GBP has not faced sufficient pressure to trigger a sharp reversal. If the price holds above 212.500, GBPJPY could stage a technical rebound and target the 213.600 level.
Entry Focus: Prioritize BUY positions around 212.500 – 212.800 if price stability is observed.
Target: 213.600
Invalidation: The bullish scenario is invalidated if the H4 candle closes below...
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