GBP/JPY has reached a significant level of interest at the 196.260 area on the daily timeframe. From this point, price action could develop in one of two key scenarios:
1) Bullish Continuation: If price breaks above the 196.260 level, confirming continued bullish momentum, I would look for a potential long entry on a successful retest of this zone.
2) Bearish Reversal: Alternatively, if price rejects this key level, I will wait for confirmation of a reversal—such as the formation of lower lows and lower highs, supported by classic reversal patterns like a head and shoulders or double top, alongside a trendline break—before considering a short position.
I will continue to monitor GBP/JPY closely over the coming sessions to assess how price reacts at this critical area.
1) Bullish Continuation: If price breaks above the 196.260 level, confirming continued bullish momentum, I would look for a potential long entry on a successful retest of this zone.
2) Bearish Reversal: Alternatively, if price rejects this key level, I will wait for confirmation of a reversal—such as the formation of lower lows and lower highs, supported by classic reversal patterns like a head and shoulders or double top, alongside a trendline break—before considering a short position.
I will continue to monitor GBP/JPY closely over the coming sessions to assess how price reacts at this critical area.
Trade active
GBP/JPY is very much bullish and has pushed past some key levels of resistance. I am actively waiting for a pullback before entering in this trade. Waiting for price to reach the 196.800 area before entering in for a long. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.