GBP/JPY currency pair faces technical resistance

The GBP/JPY currency pair is experiencing technical volatility, characterized by recent rejections at triangle resistance levels. Analysts note that the pair tested resistance around 209.198, which aligns with the 0.618 Fibonacci resistance level.

In the short term, the bias leans bearish as long as the price fails to break above the 209.412 resistance zone. Key support levels to watch include 207.82 and 206.10. A decisive break below 206.10 could signal a larger bearish trend reversal, potentially targeting 197.80.

Conversely, a bullish scenario would require the price to break above triangle resistance and reclaim 209.412 to invalidate the current bearish outlook. Despite recent downward pressure, the long-term uptrend remains intact as long as the 55-period exponential moving average holds.