GBP/JPY: Targeting Lower Range as 189.27 Rejects Further Upside

I'm eyeing a short setup on GBP/JPY, shifting focus from the current 188.76 price point to capitalize on a clear rejection from key resistance. The pair has been exhibiting a distinct sideways trend recently, trading within the 188.24 to 189.27 range for the last 24 hours. My analysis indicates a high probability zone for sellers to step in, given the lack of conviction for a sustained break above immediate resistance.

Technical Read: Rejection at Key Resistance

Looking at the charts, GBP/JPY made a run towards the upper boundary of its daily range, peaking at 189.27. However, it quickly faced rejection, pulling back towards the current 188.76. This inability to hold above the 189.27 level suggests that this resistance is holding firm, indicating a potential market structure shift towards the downside within this established range. My short entry is planned at 188.9, anticipating a slight retest of the area just below the