GBP/JPY Technical Analysis: Bearish Rejection at Key Resistance?

This chart represents a GBP/JPY (British Pound / Japanese Yen) 30-minute timeframe analysis. Here are the key takeaways:

Technical Indicators & Levels
Exponential Moving Averages (EMAs)

200 EMA (Blue Line): 193.586 – A long-term trend indicator.

30 EMA (Red Line): 193.182 – A short-term trend indicator.

Key Levels

Resistance Zone (Stop Loss Level): 193.968

Support/Target Zone: 191.628

Current Price: 193.255 (as per the last recorded candle)

Trade Setup & Market Structure
Bearish Outlook (Sell Scenario)

The price is approaching a strong resistance zone (193.968), which aligns with the 200 EMA.

The price might reject this level and drop toward the target area of 191.628 (approx. 1.00% downside).

The drawn price path suggests a possible retest of resistance before a bearish move.

Bullish Reversal (Invalidation of Bearish Setup)

If the price breaks and holds above 193.968, it could invalidate the bearish setup and push higher.

A sustained move above the 200 EMA may indicate a trend shift to bullish.

Conclusion
Bearish bias as long as the price stays below 193.968.

A possible short trade opportunity if resistance holds, targeting 191.628.

Caution: If price breaks above resistance, it could lead to a bullish breakout