GBP/JPY — Ascending Channel + BOS Recovery | Targeting 215.01–21GBP/JPYOANDA:GBPJPYthefxmbrandGBP/JPY has been trading within a well-defined ascending channel since the April lows, printing a series of higher lows and higher highs. The pair has respected the channel's lower boundary multiple times, confirming trend integrity. After a sharp May selloff that swept equal lows (EQL) and triggered stops below the prior BOS level near 213.00, price is now showing signs of recovery from within the demand zone (green box) just above the strong low at 210.857. The Break of Structure (BOS) to the upside earlier in the cycle confirmed bullish intent, and the current pullback into the 213.25–213.45 zone represents a classic retracement into the last point of structure before the next leg higher. Price has also formed an EQL (equal lows) around 213.25, creating a liquidity pool that smart money may now be using as a springboard. Above, a $$$$ liquidity cluster at 215.012 and a clearly marked weak high near 215.80–216.00 form the primary targets. Beyond that, the supply zone at 216.498–216.641 (visible as the red shaded area) is the ultimate draw — a zone where the May spike originated and where institutional sell orders are likely clustered. The Bank of England event flagged on the chart (2 days ago) has already passed without derailing the bullish structure, supporting the case that GBP remains fundamentally underpinned. Price continuing above the ascending channel lower boundary keeps the long bias firmly intact. Entry: 213.25–213.45 — demand zone / EQL support Stop Loss: 210.857 — below the strong low (full invalidation) TP1: 215.012 — $$$$ liquidity cluster TP2: 215.80 — weak high TP3: 216.498–216.641 — supply zone (origin of May spike) Risk/Reward: ~5.8R to TP2 | extends to ~8R at TP3 Confluences: Ascending channel lower boundary holding as support BOS structure intact — higher highs, higher lows confirmed EQL sweep complete — demand zone now active Stacked liquidity pools at 215.01, 215.80, and 216.50 acting as upside magnets Bank of England event already passed — GBP structure undisrupted Trade management: Take 50% off at TP1, move stop to breakeven, let the rest run to supply zone. Invalidation: 4H close below 210.857 (strong low) = full thesis failure. Early warning on a close below 212.29.