GBPJPY is showing signs of weakness after facing repeated rejection at the 218.10 resistance level. The recent decline has broken the previous equilibrium area, indicating that sellers are gradually regaining control.
On the H2 time frame, the price remains below the downtrend line, and general fair value gaps (FVGs) act as supply areas where sellers may continue to exert pressure. Failure to sustain the recovery indicates that the current buying momentum is insufficient to reverse the direction of the market structure.
I support the scenario where GBPJPY continues to fall if the price tries to retest the 218.10 level but fails. In this case, the next target would be the 217.30 support area, with the potential to fall further if selling pressure intensifies.
The bearish scenario will be invalidated if the price breaks and stabilizes above 218.10, as this could lead to a new recovery phase.
