GBPJPY Testing Critical Supply Zone

Updated
GBPY showing upside potential,

Fundamentally
1- GBP Strength showed weakness against Stronger USD but nothing Direct to GBP
2- JPY still showing weakness and no Fundamental reason to change this view

Reasons to be Bullish
1- Upward Channel Still not Invalidated ( Could be viewed as invalidated and prices closed below it, a possible reason for less confidence )
2- Price Resting at support level

Reasons to be Bearish
1- A resistance level of Large supply is in GBPJPY way
2- Possibility of sudden supply that could drop the pair too low (possible BoJ support to Yen


Trading Plan
- 198.6 Stop loss or idea invalidation
- 201.5 First Target Take profit
- 199.4 Market Price
Trade active
GBPJPY after showing double bottom on hourly chart bounced to confirm the bullish bias
Currently at resistance test
The upward move still expected to show more potential at least to 201.5
Trade closed manually
Position is liquidated now,
Although rates are as expected but GBPJPY showing drop, so I am closing my position now
Harmonic PatternsTrend Analysis

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