GBP/JPY - 8H Analysis - High Probability Setup

GBP/JPY 8H Analysis – High Probability Trade Setup
This chart shows a classic 5-wave bullish Elliott Wave structure, with price currently breaking out of the wave (4) consolidation.

🔍 Bias: Bullish breakout continuation (Wave 5 in progress)

📌 Key Confluences:

Wave (4) respected both demand zone and trendline support.

Price has now cleared the Swing Range resistance, turning structure bullish.

Supported by the Ichimoku cloud base and a rising trendline.

Strong bullish volume picking up — confirms breakout strength.

🎯 Trade Idea:

Buy GBP/JPY at 195.50–195.90

Stop Loss: Below 192.50 (under swing low and cloud)

Take Profit: 200.00 – 202.00 (1:2+ RR to wave (5) target)

⚠️ Risk Note: Wait for a candle close above 196.00 for added confirmation if cautious. Ideal for momentum continuation traders.

This setup offers a textbook Elliott Wave 5 opportunity, backed by structure, volume, and breakout confirmation — a clean bullish trade with strong technical backing.