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.