GBP/JPY Analysis: Potential Retest and Downside Momentum
Updated
GBP/JPY is currently trading at 189.962, showing signs of potential downside momentum. Here's a concise breakdown:
1. Technical Levels:
- Current Price: 189.962
- Retest Zone: Keep an eye on the 190.050 level for a possible retest.
- Downside Target: Targeting the demand zone around 188.884 for potential support.
2. Trade Setup:
- Short Opportunity: Consider short positions if price confirms resistance near 190.050.
- Risk Management: Set stop-loss orders above the retest level to manage risk.
- Profit Target: Aim for the demand zone at 188.884, adjusting based on price action.
3. Market Context:
- Monitor GBP and JPY-related news for potential catalysts driving price action.
- Assess broader market sentiment and risk appetite for additional insights.
4. Trading Approach:
- Exercise patience and wait for clear confirmation before entering trades.
- Stick to your trading plan and remain disciplined throughout the trade.
5. Adaptation:
- Stay flexible and adjust your strategy as new information becomes available.
- Be prepared to reassess if price action deviates from the anticipated scenario.
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1. Technical Levels:
- Current Price: 189.962
- Retest Zone: Keep an eye on the 190.050 level for a possible retest.
- Downside Target: Targeting the demand zone around 188.884 for potential support.
2. Trade Setup:
- Short Opportunity: Consider short positions if price confirms resistance near 190.050.
- Risk Management: Set stop-loss orders above the retest level to manage risk.
- Profit Target: Aim for the demand zone at 188.884, adjusting based on price action.
3. Market Context:
- Monitor GBP and JPY-related news for potential catalysts driving price action.
- Assess broader market sentiment and risk appetite for additional insights.
4. Trading Approach:
- Exercise patience and wait for clear confirmation before entering trades.
- Stick to your trading plan and remain disciplined throughout the trade.
5. Adaptation:
- Stay flexible and adjust your strategy as new information becomes available.
- Be prepared to reassess if price action deviates from the anticipated scenario.
---
Please like comment and follow bundle of thanks for your love and support.
Trade active
selling 110+pips runningTrade closed: target reached
200+pipd done market hitting 189.000
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