FX.co ★ GBP/JPY

Hello traders. GBP/JPY. Good day. Pound/yen is attempting to turn south today, but it is still unclear whether the bears will be able to take the initiative. At the moment, it is still too early to open short positions based on technical analysis. On the hourly chart, indicators continue to point north, but the pair has now approached a test of the middle Bollinger Band from above, so the further direction will be more accurately shown depending on a breakout or a bounce. One of the basement indicators has shifted to the lower zone, hinting at a possible breakout and decline, but in any case, it is worth waiting for the test results. In case of a favorable outcome for the bears, indicated by a bearish pin bar, there is a possibility of a downward move to around 214.00-10. On the 4-hour chart, indicators are also fully supporting further movement to the north, but one of the basement indicators has shown a significant bearish divergence hinting at a reversal. Additionally, the pair is still within a triangle, bouncing off its upper boundary, so I am considering a potential move towards the lower boundary in the medium term.