GBP/JPY 2-Hour Analysis & Possible Scenarios
GBP/JPY 2-Hour Analysis & Possible Scenarios
Current Market Structure
The pair is in an uptrend, as seen from the ascending trendline.
Price has reached a resistance zone around 194.5 - 195.0, where it is showing signs of rejection.
The market is trading above the 50 EMA, indicating that the overall momentum is still bullish.
Possible Scenarios
Bullish Continuation:
If price breaks above the resistance zone (195.0+), we could see further upside.
A retest of the breakout zone could provide a buy opportunity targeting 196.5 - 197.0.
Bearish Reversal (Pullback Scenario):
If price fails to break above resistance, we may see a rejection.
A break below the trendline and 193.5 support could confirm a deeper pullback.
The next potential downside target would be 191.8, with a possible further drop to 189.0.
Range Formation:
If price consolidates between 193.5 - 195.0, expect choppy movement.
A breakout in either direction would determine the next major move.
Key Levels to Watch
Resistance: 194.5 - 195.0 (Current Supply Zone)
Support: 193.5 (Trendline Support), 191.8 (Major Previous Structure)
Target (If Breakdown Occurs): 189.0
Current Market Structure
The pair is in an uptrend, as seen from the ascending trendline.
Price has reached a resistance zone around 194.5 - 195.0, where it is showing signs of rejection.
The market is trading above the 50 EMA, indicating that the overall momentum is still bullish.
Possible Scenarios
Bullish Continuation:
If price breaks above the resistance zone (195.0+), we could see further upside.
A retest of the breakout zone could provide a buy opportunity targeting 196.5 - 197.0.
Bearish Reversal (Pullback Scenario):
If price fails to break above resistance, we may see a rejection.
A break below the trendline and 193.5 support could confirm a deeper pullback.
The next potential downside target would be 191.8, with a possible further drop to 189.0.
Range Formation:
If price consolidates between 193.5 - 195.0, expect choppy movement.
A breakout in either direction would determine the next major move.
Key Levels to Watch
Resistance: 194.5 - 195.0 (Current Supply Zone)
Support: 193.5 (Trendline Support), 191.8 (Major Previous Structure)
Target (If Breakdown Occurs): 189.0
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.