1. Support Zone Around 193.500 – The price is testing a strong support level, indicating a potential reversal.
2. Projected Upward Movement – The price is expected to climb towards the 196.000 level.
3. Bullish Market Structure – The zigzag pattern suggests a series of higher highs and higher lows, supporting an upside move.
4. Fundamental Influence – The upcoming economic event (denoted by the red circle on the chart) may add volatility and confirm the trend.
Forecast for Monday:
If GBP/JPY holds support at 193.500, an upward push toward 196.000 is likely.
A breakdown below 193.500 could invalidate the bullish setup, leading to further downside.
2. Projected Upward Movement – The price is expected to climb towards the 196.000 level.
3. Bullish Market Structure – The zigzag pattern suggests a series of higher highs and higher lows, supporting an upside move.
4. Fundamental Influence – The upcoming economic event (denoted by the red circle on the chart) may add volatility and confirm the trend.
Forecast for Monday:
If GBP/JPY holds support at 193.500, an upward push toward 196.000 is likely.
A breakdown below 193.500 could invalidate the bullish setup, leading to further downside.
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