GBPJPY Technical Outlook - 1-Hour Chart Analysis

Key Analysis and Components:
Elliott Wave Structure:

The wave count shows an ongoing impulse wave (iii), which peaked near the 190.95 level. Following the peak, a corrective pattern (ABC) has developed.
The chart indicates that the current correction may evolve into a larger wave 4 structure, implying that the pair has room to the downside before completing the wave cycle.
Wave 5 is expected to follow after the corrective structure finalizes, likely leading to a new upward move unless invalidation occurs at key resistance levels.
Sell-Side Wave 4 Projection:

The chart marks the start of a potential Sell Side Wave 4 from the W Open line (week's open), further supporting the corrective nature of the current price action.
A retracement level of 0.786 Fibonacci (approximately 185.609) has been highlighted as a key support level to watch during this correction.
Key Resistance and Invalidation Levels:

Key resistance levels are marked at 192.776, which also serves as an invalidation level for the current wave count. If prices move beyond this zone, the present wave count may no longer hold, and a new wave analysis will be necessary.
The 1W Close zone around the 192.383 level aligns with the potential end of wave 5, marking an important area for traders to watch.
Bullish Order Block:

Below the current market structure lies a Bullish Order Block, defined around 184.900-185.500. If prices reach this zone during the correction, a potential reversal to the upside could occur as buyers step in.
Volume and Market Profile:

The POC (Point of Control), or the highest volume area on the chart, rests near 185.609, coinciding with key Fibonacci levels. This suggests strong support and interest in this area, where a major move could be initiated.
Potential Bearish Scenario:

The chart outlines a projected bearish scenario if the correction extends further, with possible moves targeting the 189.636 and 185.609 levels. Should prices break below this support zone, it may trigger further selling pressure towards the Bullish Order Block and beyond.
The outlined ABC corrective waves support this view, suggesting continued bearish momentum before a potential bottom is formed.
Conclusion:
The GBPJPY pair is currently in a corrective wave structure following a significant bullish run. The wave count suggests the pair is within Wave 4, which could see prices decline toward the 185.609 support level. Traders should watch for signs of reversal near this zone, as the pair may enter Wave 5 afterward. Invalidation of this analysis occurs if prices break above the 192.776 level. Monitoring volume and key support levels will be crucial in the coming sessions.