Long term analysis for GBPJPY

The previous instance of GBPJPY reaching this level occurred in 2015. On the weekly chart, there is evident supply established in August 2015, marked by a price drop from that level. The price has not revisited this level until the present. The specific supply level, highlighted in red above, presents a favorable opportunity to initiate a sell position when the price touches it.
This analysis is relevant for long-term traders.