GBPJPY at Key Support – Bullish Bounce Expected

19 sty

GBPJPY is approaching a significant support zone. The current market structure suggests the potential for a bullish reaction if price action confirms rejection through signals such as bullish engulfing candles, long lower wicks, or increased buying volume.

If the support holds, I anticipate a move upward toward the 193.300 level, aligning with the expectation of a short-term reversal. However, if the price breaches this zone and sustains below it, the bullish outlook may be invalidated, potentially opening the door for further downside.

Traders should remain cautious and wait for confirmation before entering long positions. Monitoring candlestick patterns and volume at this critical support zone is essential for identifying buying opportunities. Proper risk management is advised to navigate potential volatility.

19 sty

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