Lingrid | GBPJPY possible Pullback From Psychological Level

The price perfectly fulfilled my last idea. GBPJPY is testing the upper boundary of the resistance zone near the psychological 200.000 mark after a strong bullish impulse. Price is showing early signs of rejection from the red trendline and horizontal resistance, suggesting potential for a corrective move. If confirmed, a drop toward the 197.600–197.000 region becomes likely, aligning with the lower bound of the rising channel. A break below this level could expose deeper downside toward the 195.5 support.

📉 Key Levels

• Sell trigger: confirmed rejection from 200.000 with bearish engulfing
  
• Sell zone: 200.50–200.00 (key resistance zone and trendline touch)
  
• Target: 197.600
  
• Invalidation: sustained close above 200.500 flips structure bullish

💡 Risks

• Strong bullish continuation above 200.000 would invalidate short setup
  
• Yen weakness from BOJ policy shifts could drive GBPJPY higher
  
• Support at 197.600 may cause bounce and false breakout scenarios

If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!