GBPJPY ANALYSIS IS READY MOVE TO FLY

This chart shows an analysis of the GBP/JPY currency pair on a 4-hour time frame using Heikin Ashi candlesticks. The key points of the analysis are:

1. Support Zone: The black horizontal line indicates a strong support level around 197.90. Price has previously respected this level, and it is expected to serve as a base for an upward move.


2. Cup and Handle Pattern: The red curved outline suggests the formation of a potential "Cup and Handle" pattern, a bullish continuation setup. The price seems to have completed the "cup" phase and could now be moving towards the breakout phase.


3. Breakout Scenario:

If the price breaks above the current consolidation level, it could trigger a bullish rally.

The blue arrows represent possible price trajectories toward higher levels.



4. Target Zones (TP1, TP2, TP3):

TP1: Around the 200.000 level, which could act as the first profit-taking zone.

TP2: Around the 202.000 level, marking a secondary target for traders.

TP3: Around 204.000, the highest target zone for this analysis.



5. Bullish Outlook: The chart implies a potential bullish movement, with the price targeting higher zones if it breaks above the resistance level.



Traders should watch for confirmation of the breakout and consider stop-loss levels below the support zone to manage risk.