GBP/JPY, Technical Analysis – H4

The pair is in the early stages of forming a bearish trend impulse. This setup favors short positions, targeting a medium-term decline toward the key round levels of 214.00 and 213.00.

Key Levels:

□ 214.00 — primary downside target

□ 213.00 — next major support level

Primary Scenario:

Decline toward 214.00.

Alternative Scenario:

Continued consolidation around current levels in preparation for the upcoming downward move.

Analyst Commentary:

The scenario has a high probability of playing out.