GBP/JPY Rejection from Resistance ZoneGBP/JPYOANDA:GBPJPYMrStellanSight GBP/JPY Rejection from Resistance Zone 🧱📌 | Bearish Setup In Play 🔻💹 📌 Technical Analysis Overview: The chart illustrates a clear rejection from the resistance zone around 198.460, where previous price action formed a double-top pattern (🔴 red arrow). This suggests a strong supply area with selling pressure building. 🔍 Key Observations: 📏 Trendline Break: The upward trendline (blue) has been decisively broken. This break signals a loss of bullish momentum. 🧱 Resistance Zone @ 198.000–198.460: Price tested this zone multiple times but failed to break above. Acts now as a strong resistance zone. 🟠 Support Turned Resistance: Former support has now turned into resistance (highlighted in blue text: "SUPPOT"). 📉 Bearish Projection: The projected path indicates a possible retest of the resistance zone before a sell-off continuation. Target area: around 194.500, marked as “TAEGET FAXS” (typo: should be “TARGET ZONE”). 🔄 Possible Scenarios: ✅ Bearish Continuation: If price rejects again near 198.000, expect a bearish move toward 194.500. ⚠️ Invalidation: A strong breakout above 198.460 would invalidate the bearish thesis and may resume bullish momentum. 🔚 Conclusion: The pair is currently under pressure with a confirmed break in trend structure. As long as price remains below 198.460, the bias remains bearish with a target toward the 194.500 zone. 📉👀