GBP/JPY Analysis – Key Levels & Trade Scenarios📊 Timeframe: Weekly (1W) | Current Price: ~189.90
📉 Bearish Context:
Resistance at 192.04:
Strong supply zone (red rectangle) where price previously reversed.
Aligned with moving averages (likely 50 & 100 periods), acting as dynamic resistance.
Support at 184.63:
Marked in blue as a significant demand zone.
Historical reaction area, where buyers may step in again.
📉 Current Outlook:
Price rejected 192.04, forming a bearish structure.
Price currently consolidating below resistance, indicating weakness.
If selling pressure continues, a move toward 184.63 is likely.
📈 Trade Setups:
🔻 Short (Bearish Bias):
Entry: Below 189.50 with a bearish confirmation.
Target 1: 186.00
Target 2: 184.63
Stop Loss: Above 192.00 to avoid fakeouts.
🔼 Long (Reversal Play):
Entry: Strong bullish reaction from 184.63.
Target: Retest of 192.04, with SL below 184.00.
📌 Final Thoughts:
The bearish trend remains dominant unless 192.04 is broken.
A clean break below 189.50 strengthens the bearish outlook.
Macro factors and volatility could influence upcoming price action.
