GBP/JPY Short-Term Scalping Analysis:The current price action shows GBP/JPY forming a descending trend, and it recently tested the 100% Fibonacci level near 198.056, suggesting a potential bounce area. However, the price remains under bearish pressure and could continue down to retest this level around 198.008-198.050.
If GBP/JPY holds this support, we may see a rebound toward the 198.502 or even 198.885 levels, aligning with the 50% Fibonacci retracement as an upper resistance.
For scalping:
Buy opportunity near 198.008-198.050, targeting a rebound toward 198.250-198.500, with a tight stop below 198.000.
Sell opportunity if the price rejects around 198.500 or higher levels, aiming for a retest of the 198.056 support.
As this is a short-term setup, it is crucial to monitor price action closely throughout the day. Adjust stops and targets based on volatility and market reactions around these key levels.
