FX.co ★ GBP/JPY

Hello traders. GBP/JPY. Today, the pound/yen made an attempt to develop a bearish sentiment in the background of a rebound from the trend resistance, but it is still unclear whether the bears will be able to maintain the initiative. At the moment, on the hourly chart, the indicators have shown a sell signal, but it has not been activated yet. The pair tested the middle Bollinger Band from below and seems to be starting to bounce back. If the rebound is confirmed, it will be possible to consider opening short positions with an approximate target of 209.70-80 in the short term. I consider this scenario to be more prioritized for myself. On the four-hour chart, the indicators currently do not show anything specific, pointing in different directions, but after testing the middle Bollinger Band from below, the pair seems to be starting to bounce back. However, there is still no confirmation of the rebound. If everything goes well for the bears, we will see a new downward wave in the medium term.