The GBP/JPY chart is currently showing the potential for a bearish reversal, with significant resistance and support levels in play.
Resistance Levels:
The 1st resistance level at 184.220 is influenced by "An Overlap resistance" and is also associated with the 161.80% Fibonacci Extension level, making it a strong resistance zone. Beyond that, the 2nd resistance at 186.420 is characterized as "An Overlap resistance," reinforcing its role as a significant barrier to further upward price movement.
Support Levels:
On the support side, the 1st support level at 181.820 is marked as "An Overlap support," suggesting a zone where buying interest may emerge and potentially stall the bearish reversal. Additionally, the 2nd support level at 180.400 is categorized as "Pullback support," emphasizing its role as a substantial support zone.
