GBP/JPY: Liquidity Trap Above 213 Before a Major Drop?GBP/JPYOANDA:GBPJPYEdgeTradingJourneyMy current view on GBP/JPY is clearly leaning bearish, even if in the very short term we are seeing a corrective push higher. Price is currently trading inside a well-defined supply zone around 212.8–213.3. The recent bullish move looks more like a pullback into structure rather than a genuine shift in trend, especially considering we are still trading below a descending trendline and potentially forming a lower high on the higher timeframe. Looking at the COT data, the Japanese yen is showing signs of accumulation from commercials, while non-commercials are still positioned net short, leaving room for a potential short squeeze on JPY. At the same time, the British pound is starting to lose momentum, with signs of distribution rather than continued expansion. This creates a strong macro convergence in favor of a downside move on GBP/JPY. Seasonality also supports this view. April tends to be a relatively weak month for this pair, especially in the second half, where historical data often shows a shift toward bearish performance. This timing fits well with the current technical setup, suggesting that the market could be preparing for a move lower as the month progresses. Putting everything together, I’m not interested in buying at these levels. Instead, I’m looking for opportunities to sell into strength, ideally after a liquidity grab above 213 followed by clear rejection signals on lower timeframes. If that scenario plays out, my targets would be the 210.5 area first, followed by 209.5 and potentially the 208 demand zone.