GBPJPY Short
GBP/JPY - Support Turned Resistance Short Setup
📉 Trade Idea: Short GBP/JPY
Analysis:
The previous support level around 192.05 has now turned into resistance. Price attempted to break above but failed, indicating potential downside pressure. This aligns with a classic support-turned-resistance setup, where sellers step in after a retest.
Trade Plan:
🔹 Entry: Sell at 191.416 (At candle low)
🔹 Stop Loss: Above 191.900 (Body's High)
🔹 Take Profit: 190.448 (2RR)
Additional Confirmation:
🔹 Bearish rejection at resistance
🔹 Momentum shifting lower on lower timeframes
🔹 Potential continuation of the downtrend
📉 Trade Idea: Short GBP/JPY
Analysis:
The previous support level around 192.05 has now turned into resistance. Price attempted to break above but failed, indicating potential downside pressure. This aligns with a classic support-turned-resistance setup, where sellers step in after a retest.
Trade Plan:
🔹 Entry: Sell at 191.416 (At candle low)
🔹 Stop Loss: Above 191.900 (Body's High)
🔹 Take Profit: 190.448 (2RR)
Additional Confirmation:
🔹 Bearish rejection at resistance
🔹 Momentum shifting lower on lower timeframes
🔹 Potential continuation of the downtrend
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.