GBPJPY – Buyers are pressing hard…are we seeing a breakout in the supply zone?

GBP/JPY has been trading with clear buying momentum recently after rebounding strongly from deep demand areas, back to trading near one of the most important supply areas in the short term.

🔍Technical Reading

Price formed a series of rising tops and bottoms after retesting demand areas:

🔹 Main demand area (199.80 – 200.20)

The pair rebounded strongly, with clear positive delta values ​​indicating the entry of heavy buying liquidity.

🔹Next support area (202.30 – 202.70)

This area supported the last leg of the advance and is considered a key level for the continuation of the bullish structure.

🔹Current display area (204.20 – 204.60)

There are heavy sell orders in this area, which has seen negative reactions before.

📈 Most likely scenario (bullish)

The price stabilizes above 203.40, the positive structure is under control and supports the possibility of another test of the supply zone.

First target: 204.60 (full retest)

Second goal: 205.20

Exceeding 205.20 may open the way to:
206.00 – 206.40

Positive delta values ​​near support reinforce this trend.

📉 Alternate scenario (landing)

A break below 203.40 could send the price back:

202.70

Then comes the most important zone: 202.30 – 202.00

From there, buyers are likely to emerge again as long as the pair does not break above 200.20, which is the general structural area.

📌Conclusion

Current Structure: Bullish

Nearby support: 203.40

Strong callback area: 202.30 – 202.70

Upside target: 204.60 – 205.20

Breaking through 203.40 opens the door to adjustment