GBPJPY continues trading inside a rising wedge structure on the 4-hour timeframe. Price action has formed a pattern of higher highs and higher lows, but bullish momentum is showing clear signs of exhaustion near the wedge resistance zone.
🔹 Key Technical Highlights:
- Current Price: 207.70
- Wedge Resistance: ~207.90 – 208.20
- Dynamic Support: Rising trendline based on recent lows
- Indicators Used: SMA (9) & SMA (20)
The SMAs are still pointing upward, but the distance between them is narrowing, indicating reduced momentum.
🎯 Market Bias: Bearish Correction Likely
Multiple rejections from the upper wedge boundary signal weakening strength from buyers.
This increases the probability of a short-term corrective move toward support levels.
📌 Potential Downside Targets:
| Target Level | Price Zone |
|---|---|
| TP1 | 206.80 |
| TP2 | 205.90 |
| TP3 | 204.80 |
📌 Invalidity Level
If price closes above 208.20, bearish bias becomes invalid and a continuation rally may occur.
⚠️ Risk Note
GBPJPY is a high-volatility pair; using a stop loss is strongly recommended.
🧭 Summary
Even though the trend remains structurally bullish, the current wedge indicates a possible pullback before any further upside attempts. A breakdown below the rising trendline would strengthen bearish momentum.
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