GBP/JPY Analysis: Cycle Completed and Expecting Pullback
Looking at the 1-hour chart, GBP/JPY has completed a bullish cycle, reaching the key resistance at **196.054**, as indicated by the blue zone. The pair appears to be facing resistance, and I’m now expecting a pullback.
1. **Fibonacci Levels**: The pullback could target critical Fibonacci levels for a potential bounce. The **23.6% (195.537)** retracement level has already seen some action. However, deeper retracements toward **38.2% (195.217)** or even **50% (194.952)** could provide stronger buying opportunities before the next bullish leg.
2. **Support Zones**: There is solid support around **194.750** and **194.300**, which coincides with key Fibonacci levels and previous consolidation areas. These zones could act as strong demand areas, signaling potential entries for the next wave upward.
3. **MACD**: The MACD is showing weakening bullish momentum, which aligns with the anticipated pullback. If the momentum continues to weaken, it further strengthens the case for a short-term corrective move before continuing higher.
4. **Next Move**: I expect the price to dip towards the **50% (194.952)** or **61.8% (194.700)** Fibonacci level for a pullback, followed by a bullish reversal toward **196.054** and possibly beyond, depending on how the market reacts at these key zones.
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This analysis indicates a short-term correction before resuming the overall bullish trend. Monitoring how price interacts with the Fibonacci and support levels will be key for identifying strong entry points.
1. **Fibonacci Levels**: The pullback could target critical Fibonacci levels for a potential bounce. The **23.6% (195.537)** retracement level has already seen some action. However, deeper retracements toward **38.2% (195.217)** or even **50% (194.952)** could provide stronger buying opportunities before the next bullish leg.
2. **Support Zones**: There is solid support around **194.750** and **194.300**, which coincides with key Fibonacci levels and previous consolidation areas. These zones could act as strong demand areas, signaling potential entries for the next wave upward.
3. **MACD**: The MACD is showing weakening bullish momentum, which aligns with the anticipated pullback. If the momentum continues to weaken, it further strengthens the case for a short-term corrective move before continuing higher.
4. **Next Move**: I expect the price to dip towards the **50% (194.952)** or **61.8% (194.700)** Fibonacci level for a pullback, followed by a bullish reversal toward **196.054** and possibly beyond, depending on how the market reacts at these key zones.
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This analysis indicates a short-term correction before resuming the overall bullish trend. Monitoring how price interacts with the Fibonacci and support levels will be key for identifying strong entry points.
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