GBP/JPY Timeframe H4 
The movement of GBP/JPY on the H4 timeframe currently shows a fairly dynamic market condition after experiencing high volatility at the end of April. From the chart structure, it can be seen that this pair had a strong bullish movement since early April until reaching the peak area around 216.56. The upward momentum was aggressive and brought the price far above the main moving averages. However, after reaching the highest resistance area, significant selling pressure emerged, causing a sharp correction and forming extreme volatility in the following trading sessions. Looking at the position of the moving averages, the MA 100 marked by the blue line is currently still above the red-colored MA 200. This structure indicates that the medium-term trend of GBP/JPY is generally still bullish. Despite a sharp decline, the positions of these two moving averages indicate that buyers still have dominance in the structure. However, the distance between the MA 100 and MA 200 is starting to narrow due to the correction and consolidation phase that has been taking place in the last few days. This indicates that the bullish momentum is starting to slow down and the market is seeking a new direction. The price is currently moving around the 213.40 area and is very close to the MA 200. This area is a very important technical point because it is the boundary between the potential continuation of the bullish trend or a trend change to bearish. In the last few sessions, the price has been seen testing the MA 200 area several times but has not been able to form a consistent breakout. As long as the price remains above the MA 200, the medium-term bullish structure is still relatively safe. However, if the price starts to move steadily below the MA 200, then the bearish pressure is likely to increase. The nearest horizontal resistance is at the level of 214.38. This area is the main barrier currently limiting the price increase. Previously, this level has been a rejection area several times, triggering selling pressure again. If buyers manage to break above the 214.38 resistance with a strong bullish candle, then the opportunity for an increase towards the next resistance at 215.26 will be quite significant. The 215.26 area itself is an important resistance because it was previously a consolidation zone before the price continued to rise towards the highest peak. On the upside, the major resistance is at the 216.56 area, which was the highest peak in the previous bullish structure. This level has a strong psychological value and is likely to be the main supply area if the price approaches it again. A breakout above 216.56 will be a very strong bullish signal and open up opportunities for GBP/JPY to continue the upward trend in the medium term. Meanwhile, the nearest support is at the 212.70 area. This level is currently the main support for the price after successfully holding off selling pressure several times. As long as the price remains above this support, the possibility of a bullish rebound is still quite high. This support is also important because it is close to the short-term consolidation structure that formed after the high volatility at the end of April. If bearish pressure increases again and the price breaks below the 212.70 support, the next downside target will be towards the 211.77 area. This support is an area of demand that previously triggered a strong rebound. A bearish breakout below 211.77 will indicate that sellers are starting to take control of the market and open up further downside towards the major support around 210.45 to 209.58. Overall, the technical condition of GBP/JPY on the H4 timeframe currently still shows a moderate bullish tendency even though the market is in a consolidation phase. The position of the MA 100 still above the MA 200 signals that the upward trend is not yet completely over. However, the price moving very close to the MA 200 shows that buyers are facing significant pressure from sellers. In the short term, the direction of GBP/JPY will be greatly determined by the price reaction around the 213.40 to 214.38 area. If buyers can maintain the price above the MA 200 and break above the 214.38 resistance, then the opportunity for an increase towards 215.26 and even 216.56 will be open again. On the other hand, if the price fails to hold above the 212.70 support and starts moving below the MA 200, then the bearish pressure is likely to become more dominant and trigger further declines in the next few trading sessions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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