Gbpjpy

1-hour timeframe:
1. Key Levels:
• Resistance: 192.566 and 192.322 are acting as major resistance zones, where price has struggled to break through.
• Support: Around 190.818 and 191.172, these are acting as support levels after the recent rejection.
2. Price Action:
• The market shows significant volatility, with a sharp rejection from lower levels around 190.560 and a move back above support at 190.818.
• This bounce suggests buyers are stepping in around this key support area.
3. Indicators (MACD):
• The MACD line is below the signal line and the histogram shows decreasing bearish momentum, suggesting a potential reversal or consolidation phase.


5-minute timeframe:
1. Key Levels:
• The intraday resistance remains at 192.322, with price consolidating below this level.
• Short-term support is forming near 191.598 and 191.172.
2. Price Action:
• There’s a slight recovery from the 190.818 level, and the price is trying to hold above it.
• Sellers are defending 192.322, indicating this is a strong intraday supply zone.
3. Indicators (MACD):
• The MACD shows early signs of bullish momentum, with the MACD line crossing above the signal line, indicating a short-term bullish bias.

Combined Outlook:
1. Short-term Bias:
• Watch for price action near 192.322. A clear break and retest of this level could indicate further bullish momentum towards 192.566 and beyond.
• If the price fails to hold 191.598 or 191.172, a retest of the 190.818 level could occur.
2. Medium-term Bias:
• On the 1-hour chart, the bounce from 190.818 could lead to a retracement toward the 192.322–192.566 resistance zone. However, if the price fails to break above these levels, bearish momentum could resume.
3. Trading Opportunities:
• Look for long opportunities if price holds above 191.598 and breaks above 192.322 with confirmation.
• Consider short positions if price rejects 192.322 again and breaks below 191.172.