GBP/JPY all roads point to 188.58

The four-hour chart highlights a bullish Bat formation completing at 188.38. This time frame would suggest that we are currently trading within the CD leg to the downside. We have a demand zone from 188.30.
The one-hour chart highlights a bearish flag formation. On a break of the trend of higher lows at 190.59, the measured move target is 188.50. We have a 261.8% extension level located at 188.61. Using the smart money concept (SMC) as supply and demand zones, we can see a bearish 5-wave count to the downside.
Conclusion: although the system set up would be to buy the completion of the Bat formation, selling at the supply zone (191.35), with a stop loss outside the channel formation (192.00), targeting bespoke support (188.58), offers a risk-reward setup of 4.26R.
Resistance: 191.35 (supply), 191.85 (channel top), 193.18 (88.6%)
Support: 190.59 (channel base), 189.78 (161.8%), 188.58 (bespoke)