GBP/JPY Key Resistance Breakout or Reversal?This chart is an analysis of the GBP/JPY currency pair on the 45-minute timeframe. Here's a breakdown of the key elements:
Resistance Zone (Red Box):
The price is currently testing a resistance zone around 192.500.
A breakout above this level could lead to new highs.
Breakout or Rejection?
The text in the chart states: "if it breaks here then it will make new high," indicating a bullish bias if resistance is broken.
There is a black circle marking the breakout area. If price breaks above and holds, it may continue upward (red arrow up).
If rejection occurs, the price could fall back down (orange circle and red arrow down).
Trendline Support (Blue Line):
hello traders
what are your thoughtson GBP/JPY.
My Analysis.
Price has been respecting an ascending trendline, indicating a short-term bullish trend.
A break below this trendline could signal a trend reversal and move price lower.
Demand Zone (Gray Box at the Bottom):
If price fails to hold above resistance and breaks downward, the next potential support is the demand zone near 189.000.
Possible Trading Scenarios:
✅ Bullish Case: If price breaks and holds above the resistance zone, it may continue to new highs (above 193.000).
❌ Bearish Case: If price rejects resistance and breaks the trendline, it may drop towards 189.000 support.
