GBP/JPY, Technical Analysis – H1

The pair is likely completing its downward correction and is currently testing a new support zone at the confluence of the trendline and the 213.00–213.10 level. If a rebound is confirmed, bulls could easily push the price toward the 213.80–214.00 area.

Key Levels:

□ 213.00–213.10 – Key support / trendline confluence

□ 213.80–214.00 – Immediate upside target

Primary Scenario:

Rebound upward toward the 213.80–214.00 region.

Alternative Scenario:

Breakdown below 213.00, triggering bull liquidations and a potential short squeeze of 70–100 pips.

Analyst Commentary:

Wait for clear confirmation of a reversal in the 213.00–214.00 zone before taking new positions.