GBPJPY is still trading within a well-defined ascending channel on the H4 chart. However, recent signals suggest a potential short-term correction. The price has repeatedly rejected the upper boundary of the channel and is now forming a distribution pattern with lower highs. The FVG zone near 200.400 may act as a short-term take-profit area before price pulls back toward the support zone around 198.400, which also aligns with the lower trendline.
Additionally, the upcoming UK GDP data this week could strongly impact GBP. If the data comes in weaker than expected, downside pressure may intensify and reinforce the developing correction scenario. Traders should monitor price action around 198.400 for confirmation of the pullback.
Additionally, the upcoming UK GDP data this week could strongly impact GBP. If the data comes in weaker than expected, downside pressure may intensify and reinforce the developing correction scenario. Traders should monitor price action around 198.400 for confirmation of the pullback.
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🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.