The GBPJPY 1H chart shows a clear **uptrend channel** forming after a strong impulsive move from the downside. Price has been respecting the ascending structure, creating higher highs and higher lows within the channel. However, the recent price action has entered a **key supply zone (around 215.700 – 216.000)**, where selling pressure is evident.
We can see **rejection wicks and hesitation** near the top of the channel, signaling potential exhaustion of bullish momentum. Additionally, price is interacting with the **Ichimoku cloud resistance**, adding confluence for a possible pullback.
The current structure suggests a **short-term bearish correction** rather than a full trend reversal.
**🎯 Target:**
214.620 (previous support / lower boundary of the channel)
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telegram channel link
t.me/+r9_PoETjAr85Nzlk
join to get daily basis 2-3 free signal for educational purpose
t.me/+r9_PoETjAr85Nzlk
get information about Gold, BTC and forex market
t.me/+r9_PoETjAr85Nzlk
t.me/+r9_PoETjAr85Nzlk
join to get daily basis 2-3 free signal for educational purpose
t.me/+r9_PoETjAr85Nzlk
get information about Gold, BTC and forex market
t.me/+r9_PoETjAr85Nzlk
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.