GBP/JPY: Spotting a Swing Long Opportunity as Bears Test Key Support

Market Context & Technical Rationale

The GBP/JPY pair has seen a bearish sentiment over the last 24 hours, currently trading around 188.49, down -0.32%. The daily range of 187.58 to 189.4 clearly shows the selling pressure, pushing us towards the lower end of that range. However, this isn't necessarily a reason to remain bearish. Looking at the charts on a higher timeframe for a swing trade, the price action is showing signs of exhaustion as we approach the significant support level at 187.58. This level, representing the daily low, has proven resilient in the past and often attracts institutional order flow.
While the overall trend has been bearish, the data is compelling for a potential short-term bounce. I'm observing strong buying interest coming in at these lower levels, suggesting that bears might be taking a breather here. I'm looking for a technical rebound from this key area before any further downside continuation.

My Swing Trade Setup

Given this technical read, my setup is to go long on GBP/JPY. My entry