GBP/JPY 4H Chart Analysis โ€“ Bullish Channel Setup

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๐Ÿ“ˆ Trend:

Price is moving in an ascending channel
๐Ÿ”ต Support line below
๐Ÿ”ด Resistance line above



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Key Zones & Levels:

๐Ÿ“ Demand Zone (Buy Area):

Between 191.753 โ€“ 194.016

Price might bounce here before continuing up

๐Ÿ”ต Likely pullback expected here


๐ŸŽฏ Target Point:

202.500

๐Ÿš€ If price respects the demand zone, this is the upside target


๐ŸŸข Entry Point:

Around 193.964 โ€“ 194.016

Optimal buying zone before the projected rise


โŒ Stop Loss:

Below 191.700

๐Ÿ›‘ Placed to minimize losses if price breaks down



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Indicators:

๐Ÿ“‰ EMA (70):

Currently at 192.816

โœ… Acting as dynamic support



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Trade Plan Summary:

๐Ÿ”„ Wait for a retracement into the Demand Zone

๐Ÿ›’ Enter long near 193.964

โ›” Stop loss at 191.700

๐ŸŽฏ Target at 202.500

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