Don't miss the great SEE Opportunity in GBPJPY
GBP/JPY pair on the 4-hour timeframe with a few important technical zones highlighted:
1. **Supply Zone (Red Zone at the top)**: This red box represents a supply zone where previous selling pressure occurred, causing the price to reverse downward. It is likely a resistance area where price may encounter sellers if it revisits.
2. **Demand Zone (Blue Zone at the bottom)**: The blue box at the bottom represents a demand zone where buying interest previously pushed the price higher. This is likely a support level where buyers might step in if the price retraces back to this area.
3. **Expected Price Movement (Black Zig-Zag Line)**: The zig-zag line indicates a potential short-term pullback within the current trend. It suggests that the price may initially move lower before reversing and moving up towards the green target zone.
4. **Entry and Target Levels (Green Zone)**: The green box represents a potential long trade setup. The entry zone appears to be around the lower limit of the green box, which is approximately 196.250, with a target level towards the top of the green zone near 198.850.
5. **Change of Character (CHoCH)**: The label "CHoCH" marks a potential reversal in trend, signaling that the downtrend could be ending, and an upward move might be likely if price reacts favorably in the demand zone.
6. **Break of Structure (BOS)**: The label "BOS" indicates that the price structure has shifted, which often implies a potential change in the trend or a breakout from previous price levels.
### Summary
Based on this setup, the analysis suggests waiting for a pullback to the demand zone around 196.250, where a buy entry could be considered. The price target for this setup appears to be near 198.850, with a stop-loss likely below the demand zone to limit downside risk.
1. **Supply Zone (Red Zone at the top)**: This red box represents a supply zone where previous selling pressure occurred, causing the price to reverse downward. It is likely a resistance area where price may encounter sellers if it revisits.
2. **Demand Zone (Blue Zone at the bottom)**: The blue box at the bottom represents a demand zone where buying interest previously pushed the price higher. This is likely a support level where buyers might step in if the price retraces back to this area.
3. **Expected Price Movement (Black Zig-Zag Line)**: The zig-zag line indicates a potential short-term pullback within the current trend. It suggests that the price may initially move lower before reversing and moving up towards the green target zone.
4. **Entry and Target Levels (Green Zone)**: The green box represents a potential long trade setup. The entry zone appears to be around the lower limit of the green box, which is approximately 196.250, with a target level towards the top of the green zone near 198.850.
5. **Change of Character (CHoCH)**: The label "CHoCH" marks a potential reversal in trend, signaling that the downtrend could be ending, and an upward move might be likely if price reacts favorably in the demand zone.
6. **Break of Structure (BOS)**: The label "BOS" indicates that the price structure has shifted, which often implies a potential change in the trend or a breakout from previous price levels.
### Summary
Based on this setup, the analysis suggests waiting for a pullback to the demand zone around 196.250, where a buy entry could be considered. The price target for this setup appears to be near 198.850, with a stop-loss likely below the demand zone to limit downside risk.
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