A Buying Opportunity for GBP/JPY is Awaiting Analysis

The GBP/JPY pair has bounced from daily demand zones, breaking the downtrend line as shown in the chart.

Currently, the pair is facing supply zones, which are strong resistance levels on the 4-hour timeframe. A break and close above these levels is expected to continue the upward trend in the short and medium term.

Expected Targets

If the price closes above 209.683, we expect to see further gains towards 210.70 and 211.70, respectively.

However, a break above this level would be invalidated if the pair reverses and closes below 208.94 on a 4-hour candle.