GBP/JPY: Anticipating a Swing Higher from Key Support

GBP/JPY Technical Setup: Eyeing a Bounce

Good morning KoraFX community. Let's dig into GBP/JPY. While the market has been exhibiting a distinct sideways trend recently, with the pair currently trading around 188.71 and seeing a minor -0.21% dip over the last 24 hours, my analysis suggests we're approaching a compelling setup for a swing long. The day range has been tight, between 188.12 and 189.3, indicating a current battle for direction.
However, a closer look reveals that the 188.12 level has acted as a significant support, marking the low of the day. This is a key level being tested right now, and I'm watching for institutional order flow to defend this zone. My trade setup is to go long at 18