GBP/JPY: A Counter-Trend Opportunity as Bulls Hit the Ceiling

Technical Exhaustion at Key Resistance

Good morning, KoraFX community. My focus today is on GBP/JPY, a pair I specialize in. While the overarching trend remains bullish, the data is compelling that we are seeing significant resistance and potential exhaustion around current levels. The pair is currently trading at 189.79, and it has struggled to maintain momentum above the 190 handle, failing to decisively break past the day's high of 190.82. This 190.82 level is a critical resistance zone, and historical price action suggests institutional order flow often defends this area.
My analysis indicates that the recent bullish run might be