GBP/JPY 2-Hour Analysis & Possible ScenariosGBP/JPY 2-Hour Analysis & Possible Scenarios
Current Market Structure
The pair is in an uptrend, as seen from the ascending trendline.
Price has reached a resistance zone around 194.5 - 195.0, where it is showing signs of rejection.
The market is trading above the 50 EMA, indicating that the overall momentum is still bullish.
Possible Scenarios
Bullish Continuation:
If price breaks above the resistance zone (195.0+), we could see further upside.
A retest of the breakout zone could provide a buy opportunity targeting 196.5 - 197.0.
Bearish Reversal (Pullback Scenario):
If price fails to break above resistance, we may see a rejection.
A break below the trendline and 193.5 support could confirm a deeper pullback.
The next potential downside target would be 191.8, with a possible further drop to 189.0.
Range Formation:
If price consolidates between 193.5 - 195.0, expect choppy movement.
A breakout in either direction would determine the next major move.
Key Levels to Watch
Resistance: 194.5 - 195.0 (Current Supply Zone)
Support: 193.5 (Trendline Support), 191.8 (Major Previous Structure)
Target (If Breakdown Occurs): 189.0
