GBPJPY

Analyzing the GBPJPY chart on the 4-hour timeframe, I notice a bullish momentum followed by a consolidation, indicating a potential resistance area around the 197.45 level. It seems this level is acting as an obstacle for the price, as it has tested this level before and retraced.

The market structure analysis shows a pattern of higher highs and higher lows, indicating an overall uptrend. However, a potential correction could take the price towards support levels around the 188.59 area, which aligns with a possible buying zone.

The supply and demand analysis suggests there is significant selling pressure near the identified resistance area, which may trigger a reversal if the bullish momentum weakens.

In conclusion, the chart shows a clear uptrend, although the selling pressure near the current resistance levels could lead to a downward correction before the upward movement continues.

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