GBPJPY Analysis: Bearish Reversal to 200.90-200.70 Area

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After a strong bullish trend, a significant pullback has emerged on the GBPJPY chart. Key technical indicators and patterns suggest the market is poised for a reversal to bearish, targeting the 200.90-200.70 area.

Several factors contribute to this outlook:

1. Overbought Conditions: The recent bullish run has pushed GBPJPY into overbought territory, as indicated by the RSI. This suggests that the upward momentum is losing steam and a correction is due.

2.Resistance Level:The pair has encountered strong resistance at the recent highs, unable to break above key levels, indicating potential selling pressure.

3. Fibonacci Retracement:The pullback aligns with key Fibonacci retracement levels, reinforcing the potential for a bearish move towards the 200.90-200.70 area.

These technical factors combine to suggest a short-selling opportunity. Keep an eye on these levels and stay updated for more insights and detailed analysis!

Feel free to personalize it further based on your specific observations and insights. (DYOA)

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stop reached so faster before the retracement ,

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GBPJPY Technical Analysis Update:
Swing traders have successfully reached the target range of 200.90-200.70. This area now represents a fresh support zone. If you managed to hold your trade until this point, it is advisable to consider taking profits. This level is critical as it may provide strong support for future price action, making it an ideal profit-taking zone for current positions.