GBPJPY on the 4H time frame is coming close to a key zone of reversal. This is a simple break or bounce scenario, but I will be looking for some further confirmations before I buy or sell.
Provided the market respects the zone and bounces off, most likely on the H4 or H1 time frame you will get MACD convergence + price action, clear indications for a buy.
Provided we get a break scenario, most likely it will be an impulsive break, like what we got for the previous zone, marked by the ellipse.
I'm more in favour of the bounce and a buy scenario as it looks like the convergence is creeping in, lets see!