This chart shows an analysis of the GBP/JPY currency pair on a 4-hour time frame using Heikin Ashi candlesticks. The key points of the analysis are:
1. Support Zone: The black horizontal line indicates a strong support level around 197.90. Price has previously respected this level, and it is expected to serve as a base for an upward move.
2. Cup and Handle Pattern: The red curved outline suggests the formation of a potential "Cup and Handle" pattern, a bullish continuation setup. The price seems to have completed the "cup" phase and could now be moving towards the breakout phase.
3. Breakout Scenario:
If the price breaks above the current consolidation level, it could trigger a bullish rally.
The blue arrows represent possible price trajectories toward higher levels.
4. Target Zones (TP1, TP2, TP3):
TP1: Around the 200.000 level, which could act as the first profit-taking zone.
TP2: Around the 202.000 level, marking a secondary target for traders.
TP3: Around 204.000, the highest target zone for this analysis.
5. Bullish Outlook: The chart implies a potential bullish movement, with the price targeting higher zones if it breaks above the resistance level.
Traders should watch for confirmation of the breakout and consider stop-loss levels below the support zone to manage risk.
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