GBP/JPY - 8H Analysis - High Probability SetupGBP/JPYOANDA:GBPJPYjamesibartramGBP/JPY 8H Analysis – High Probability Trade Setup This chart shows a classic 5-wave bullish Elliott Wave structure, with price currently breaking out of the wave (4) consolidation. 🔍 Bias: Bullish breakout continuation (Wave 5 in progress) 📌 Key Confluences: Wave (4) respected both demand zone and trendline support. Price has now cleared the Swing Range resistance, turning structure bullish. Supported by the Ichimoku cloud base and a rising trendline. Strong bullish volume picking up — confirms breakout strength. 🎯 Trade Idea: Buy GBP/JPY at 195.50–195.90 Stop Loss: Below 192.50 (under swing low and cloud) Take Profit: 200.00 – 202.00 (1:2+ RR to wave (5) target) ⚠️ Risk Note: Wait for a candle close above 196.00 for added confirmation if cautious. Ideal for momentum continuation traders. This setup offers a textbook Elliott Wave 5 opportunity, backed by structure, volume, and breakout confirmation — a clean bullish trade with strong technical backing.