FX.co ★ Melsiafy | GBP/JPY

The first thing that jumped out at me when I opened this GBPJPY H4 chart was how emotional the market has become over the last few sessions. One minute traders were dumping the pair aggressively toward the 212.40 area, and the next minute buyers stepped in and pushed it all the way back above 213.90. Personally, whenever I see this kind of violent back-and-forth price action, I stop thinking about trend-following and start focusing on where liquidity is being collected. Right now, it feels like both sides have been trapped at different stages of the move. What really has my attention is the reaction around 213.90–214.00. I can see price fighting around this zone repeatedly, and that tells me it is not just another random level. For me, this is the battlefield. If buyers manage to build acceptance above it, I would not be surprised to see another run toward 214.40 and then straight into the supply area between 214.40 and 214.60. That gray zone has already rejected price several times, so I expect plenty of eyes to be watching it again. Looking deeper into the structure, I actually like the recovery from the lows. The bounce from 212.40 was not weak or hesitant. It was fast, aggressive, and forced a lot of short sellers to rethink their positions. Whenever I see a move like that, I start asking myself whether the market is preparing for a larger rotation rather than simply delivering a temporary correction. At the same time, I am not blindly bullish here. The reason is simple: every push higher over the last month has eventually run into heavy selling pressure. The area between 214.60 and 215.30 remains a major ceiling in my view. Until that region is broken cleanly, I think traders will continue taking profits on rallies. What makes this chart interesting is that the RSI is sitting near the middle of its range rather than screaming overbought or oversold. To me, that reflects uncertainty. Neither buyers nor sellers have full control, which often leads to sharp moves once a key level finally gives way. As market participants continue debating direction, my focus remains straightforward. Above 214.00, I see room toward 214.60 and potentially 215.30. Below 213.80, I would start watching 213.20 and then the major demand area around 212.40 again. For now, I feel like GBPJPY is coiling up for another strong move, and the next break from this range could decide the tone for the coming sessions.

Key Support Levels 213.80 – 213.90: Immediate support and current decision zone. 213.20: Short-term intraday support if sellers regain control. 212.40 – 212.50: Major demand area and the strongest support on the chart. Key Resistance Levels 214.40 – 214.60: Main supply zone where sellers have repeatedly appeared. 215.00 – 215.10: Psychological resistance level. 215.30 – 215.40: Major upside target and recent swing-high resistance. Trading Outlook Bullish above 214.00: Targets at 214.60, then 215.10, followed by 215.30. Bearish below 213.80: Targets at 213.20, then the key support zone around 212.40.