**Prospects of the GBP/JPY currency pair based on technical analysis. The foundation of the trading strategy includes support and resistance levels, RSI and AO indicators. Let's take a look at the chart:**
As I anticipated, the pair moved upwards and even exceeded my expectations slightly, but now it seems poised to move downwards confidently. The pair made a good upward move, hit the target successfully, and then reversed. Let's see what the indicators suggest. As seen on the chart, the pair tested the level of 203.80 and is currently trading at 203.42. The RSI indicator is moving in the middle of its range, pointing downwards confidently, while the AO indicator is showing a decent selling signal. The pair's price is above the previous day's trading range. The signals are quite strong, indicating a potential decline. I assume the pair will test the support level at 202.70. Based on the analysis, cautious selling is recommended towards 202.80. However, remember that the market can experience sudden changes, so evaluate your risks carefully.
