GBP/JPY) Bearish Analysis Read The caption

SMC trading point update


Technical analysis of GBP/JPY on the 3-hour timeframe, suggesting a potential short-term pullback within a larger ascending channel.


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Analysis Summary

Pair: GBP/JPY

Timeframe: 3H

Current Price: 198.883

Bias: Bearish move toward channel support



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Key Technical Insights

1. Ascending Channel Formation:

Price is moving within an upward-sloping channel.

Current structure suggests price is heading toward the lower trendline support.



2. Support Level & Target Zone:

The yellow zone around 196.355 is a major support area and target point, coinciding with both structural support and the bottom of the channel.



3. EMA (200 Close):

Price is still above the 200 EMA (197.067), so overall trend remains bullish — but current move is a correction.



4. RSI (14):

RSI is neutral near 51.14, allowing room for further downward movement before becoming oversold.





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Target Point

Target: 196.355 (support zone and bottom of channel)



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Trade Idea

Direction Entry Stop-Loss Target

Sell 198.80–199.00 Above 199.70 196.35



SMC trading point
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Summary

GBP/JPY is likely to retrace toward support at 196.35 before possibly bouncing within the larger bullish structure. This offers a short-term selling opportunity, with potential buy setups near the lower trendline later.




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