A strong opportunity to sell the GBP/JPY pair again from the supply zones.
The GBP/JPY pair managed to decline sharply and turn the trend bearish after the Bank of Japan intervened and supported the yen.
Currently, the pair is attempting a corrective rebound after the previous sharp decline, and it is likely to retest the established supply zones.
Expected Targets
If the new supply zones near the 217.30 level are tested, we expect to see a renewed decline targeting 216.40, 215.40, and 214.40 respectively.
The expected decline will be invalidated if the supply zones are broken and the price closes above them with a daily candle.
