British Pound / Japanese Yen (GBP/JPY) pair on a 4-hour (4H) timeframe.
Chart Details:
Current Price: Around 191.312
Recent Price Movement:
The price is trading within a range and recently bounced from a support zone.
Multiple rejection points are marked at previous highs, indicating a key resistance level.
Key Levels:
Support Zone: 190.461 - 191.290 (Green Box)
Resistance Levels:
192.271
193.050
194.207
Expected Price Action:
The chart suggests a bullish structure, as price is holding above the support zone.
The zig-zag arrows indicate a potential move towards the 192.271 resistance, with a breakout leading to 193.050 and possibly 194.207.
Trading Idea:
Potential Buy Entry: Around 191.000 - 191.300
First Target: 192.271
Second Target: 193.050
Final Target: 194.207
Invalidation Level (Stop-Loss): Below 190.461
This setup suggests a bullish continuation, but confirmation with additional indicators is recommended before executing a trade!
Chart Details:
Current Price: Around 191.312
Recent Price Movement:
The price is trading within a range and recently bounced from a support zone.
Multiple rejection points are marked at previous highs, indicating a key resistance level.
Key Levels:
Support Zone: 190.461 - 191.290 (Green Box)
Resistance Levels:
192.271
193.050
194.207
Expected Price Action:
The chart suggests a bullish structure, as price is holding above the support zone.
The zig-zag arrows indicate a potential move towards the 192.271 resistance, with a breakout leading to 193.050 and possibly 194.207.
Trading Idea:
Potential Buy Entry: Around 191.000 - 191.300
First Target: 192.271
Second Target: 193.050
Final Target: 194.207
Invalidation Level (Stop-Loss): Below 190.461
This setup suggests a bullish continuation, but confirmation with additional indicators is recommended before executing a trade!
Trade active
Active Trade 2nd TP hit 200+ pips running.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.