GBP/JPY) Bearish analysis Read The ChaptianSMC Trading point update
GBP/JPY 2-hour chart outlines a clear bearish setup within a well-defined downtrend. Here's a breakdown of the trading idea:
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Technical Overview:
Downtrend Channel:
The pair is respecting a downward-sloping channel, with repeated rejections at the upper boundary, confirming bearish control.
Resistance Zone (~187.8 - 188.5):
Price has reached a highlighted resistance area that aligns with previous swing highs and trendline resistance — marked with red arrows for prior rejections.
Bearish Projection:
The analysis anticipates a rejection from this resistance zone followed by a downward impulse move. A pullback is expected, but continuation toward the target support zone around 179.150 is likely.
Target Zone (~179.150):
This level lines up with previous price action and matches the measured move (blue vertical box), adding confluence.
EMA 200 (around 190.36):
Price is well below the 200 EMA, reinforcing the bearish structure and trend bias.
RSI Indicator (~52):
RSI is slightly above 50 but not bullish — this neutral reading suggests the pair has room to drop if resistance holds.
Mr SMC Trading point
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Trading Idea Summary:
Bias: Bearish
Entry Zone: 187.8 – 188.5 (resistance)
Confirmation: Bearish candlestick pattern or rejection signal
Target: 179.150
Invalidation: Break and close above 190.365 (above EMA 200 and prior highs)
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