Article details
GBP/JPY rose to 215.59 last week before retreating sharply, with the initial bias remaining neutral this week. Technical analysis suggests the rebound from 210.43 represents the second leg of a corrective pattern from 216.58, potentially completing at 215.59. A break below 213.29 could signal the start of the third leg targeting 210.43. Traders should monitor these key levels as they may influence short-term momentum. The neutral bias reflects uncertainty about whether the pair will consolidate or resume its downward trend. The 213.29 level acts as a critical support/resistance, with a potential breakdown indicating further weakness. Market participants should watch for confirmation of the third leg and volume patterns to assess the strength of the move.
