GBP/JPY – 1D – BUY

The GBP/JPY 1-day chart has fired a cluster of bullish signals, including a Belt Hold Bullish and Bullish Engulfing candlestick pattern, alongside momentum indicators such as the APO Zero Cross Down, MACD Zero Cross Down, RSI OS Exit, STOCHF KD Cross Up, and WILLR OS Exit. Together, these suggest that selling pressure is exhausting and a short-term bounce may be underway. However, the broader trend across higher timeframes remains bearish, with the 4-hour and 8-hour charts showing solid to very strong downtrends. This creates a conflict: the bullish signals are primarily short-term reversal cues, while the higher timeframe trend is still pointing lower. The nearest resistance is at 219.605, which is a key level to watch. If the pair can break and hold above this level, it could signal a more meaningful reversal, but until then, the bounce may be limited.