GBP/JPY, Technical Analysis – H4

The pair remains within the broader bullish trend, yet early signs of a potential breakdown are emerging on lower timeframes. Notably, an “Over & Under” reversal pattern is visible, suggesting a pullback to the prior high at 215,700 followed by a strong downward impulse aimed at breaking the trend line.

Key Levels:

□ 215,200–215,700 (current range)

□ 215,700 (key resistance / prior high)

□ 214,600–214,800 (next support target)

Primary Scenario:

Pullback to 215,700, followed by a decline toward 214,600–214,800.

Alternative Scenario:

Continued consolidation within the 215,200–215,700 range.

Analyst Commentary:

A two-sided trading environment is possible.