GBP/JPY Analysis BUY

Currently observing a potential bullish reversal on GBP/JPY. After a recent downtrend, the pair seems to be approaching key Fibonacci levels that could act as support zones for a bullish rebound. The recent price action shows a descending wedge formation, often indicative of an impending breakout.

Key support levels are noted around the 38.2% and 50% Fibonacci retracement zones, which align with previous structural support levels. If the price manages to hold above these areas, we could anticipate a bullish impulse towards the 197.750 - 198.500 zone.

I've also identified a potential double-bottom pattern in this area, suggesting increased buyer interest. A break above the 198.080 resistance could lead to further upside movement, with targets around the 198.903 and possibly beyond.

Monitoring for a breakout confirmation before entering a long position. Stay tuned for updates!