GBPJPY Forming Ascending TriangleGBP/JPYOANDA:GBPJPYAndrewsMarket-MasteryGBPJPY is currently trading around 200.09, forming an ascending channel pattern on the 8H chart. Price has been testing the upper boundary of the channel, showing signs of rejection, while the lower trendline remains key support. A potential breakdown could drive the pair toward the highlighted demand zone near 198.00, making this level an important area to watch for buyers or further bearish continuation. From a fundamental perspective, the British pound faces headwinds as the Bank of England remains cautious with rate policy amid slowing economic growth and sticky inflation. On the other hand, the Japanese yen is attempting to regain some ground as markets speculate on possible changes in BOJ’s ultra-loose stance. Risk sentiment also plays a role here, and if global markets remain under pressure, safe-haven demand for JPY could accelerate the downside move in GBPJPY. Technical confluence supports a potential pullback, as repeated rejections from resistance suggest momentum is weakening. If price closes below the channel support, a retest of the 198.00 zone looks probable. However, if bulls defend this region strongly, we could see another push higher, but with limited room given current market conditions. Traders should monitor upcoming UK inflation data and BOJ’s policy outlook for volatility triggers. Risk management is crucial, as intraday fluctuations near psychological levels like 200.00 can cause sharp swings. A well-protected short setup offers profit potential while maintaining controlled exposure.