The GBP/JPY chart indicates the potential for a bearish reversal, with significant resistance and support levels in play.
Resistance Levels:
The 1st resistance level at 186.360 is identified as "An Overlap resistance." This level suggests a critical area where selling pressure may emerge, potentially causing a reversal or price consolidation.
The 2nd resistance at 188.460 is characterized as "Swing high resistance," indicating its importance as a significant barrier to further upward price movement.
Support Levels:
The 1st support level at 184.240 is labeled as "Pullback support." This level signifies a potential area where buying interest may emerge, serving as an essential support zone.
The 2nd support at 182.220 is also identified as "Pullback support," reinforcing its significance as a support zone.