The GBP/JPY currency pair is currently forming a Descending Broadening Wedge (DBW) pattern, which typically signals a potential bullish reversal following a period of consolidation or downward pressure.
Additionally, there has been a clear rejection at the Demand Zone, indicating that buying interest is returning to the market. These conditions suggest a likely upward movement in the near term, with the next price target set near a previous resistance area.
Recommendation:
- Buy GBP/JPY
- Entry: 198.862
- Take Profit: 199.826
- Stop Loss: 198.119
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