GBP/JPY) Bearish trend analysis Read The captionBritish Pound vs Japanese YenICMARKETS:GBPJPYSMC-Trading-PointSMC Trading point update Technical analysis of GBP/JPY, anticipating a retracement into a premium Fibonacci zone (0.62–0.79) before a continuation to the downside — targeting 198.79. Here’s the detailed breakdown --- Overall Idea The market is currently in a bearish structure, and this analysis expects a pullback toward resistance (Fibonacci + EMA confluence) before the next impulsive bearish leg. The plan is to sell from the premium zone with confirmation, aiming for 198.79 as the target point. --- Key Components 1. Market Structure GBP/JPY recently made a strong impulsive drop, confirming a bearish trend. The current upward movement is viewed as a corrective retracement, not a reversal. The analysis expects the pullback to form a lower high around the resistance zone before dropping again. 2. Fibonacci Retracement Zone The highlighted blue zone (0.62–0.79 Fibonacci levels) marks the premium sell area. The red arrow indicates the anticipated reaction point — likely near the 0.705 level. This zone coincides with previous support-turned-resistance, adding confluence. 3. EMA Confluence 50 EMA (200.905) and 200 EMA (201.665) are both above price, sloping downward — confirming bearish momentum. Price is projected to retest these EMAs, which will likely act as dynamic resistance before rejection. 4. Projected Path The drawn path shows price retracing upward, hitting the 0.705 Fibonacci level, then reversing strongly downward. The target zone at 198.79 aligns with a previous demand zone and measured move projection from the earlier impulse. Mr SMC Trading point --- Summary Market bias: Bearish Setup type: Retracement sell / Trend continuation Sell zone: 0.62–0.79 Fibonacci retracement (≈ 200.90–201.70 area) Target point: 198.79 Confirmation: Bearish rejection from the blue zone (candlestick pattern or structure break) Invalidation: Break and close above 201.80 --- please support boost 🚀 this analysis