GBP/JPY 1H Analysis: Bearish Rejection from Resistance with Down
GBP/JPY (1H) Chart Analysis:
1. Trend Overview:
The chart shows a downtrend after multiple rejections at resistance levels (marked with orange circles).
Recent price action indicates range-bound movement, consolidating between support and resistance.
2. Key Levels:
Resistance Zone: Around 189.948 (Green Area) – Price has struggled to break above.
Support Zone: Around 187.698 (Red Dashed Line) – A potential downside target.
3. Trade Setup:
Bearish Setup: The trader expects a rejection from the resistance zone (~189.5) and anticipates a downward move toward 187.7.
Entry: Below resistance (~189.3-189.5).
Stop Loss: Above resistance (~189.9).
Take Profit (TP): Around 188.0 and 187.7 (marked by the red support lines).
Risk-to-Reward Ratio: Favorable short setup with a downward move expectation.
4. Market Sentiment & Price Action:
If price fails to break resistance, it will likely drop to support.
A break above 189.9 would invalidate this short setup.
The price is currently at a decision point – either confirming the bearish move or attempting a breakout.
Conclusion:
📉 Bearish bias unless price breaks above 189.9. ✅ Ideal entry for shorts: Rejection at resistance. 🚨 Stop-loss required in case of breakout.
1. Trend Overview:
The chart shows a downtrend after multiple rejections at resistance levels (marked with orange circles).
Recent price action indicates range-bound movement, consolidating between support and resistance.
2. Key Levels:
Resistance Zone: Around 189.948 (Green Area) – Price has struggled to break above.
Support Zone: Around 187.698 (Red Dashed Line) – A potential downside target.
3. Trade Setup:
Bearish Setup: The trader expects a rejection from the resistance zone (~189.5) and anticipates a downward move toward 187.7.
Entry: Below resistance (~189.3-189.5).
Stop Loss: Above resistance (~189.9).
Take Profit (TP): Around 188.0 and 187.7 (marked by the red support lines).
Risk-to-Reward Ratio: Favorable short setup with a downward move expectation.
4. Market Sentiment & Price Action:
If price fails to break resistance, it will likely drop to support.
A break above 189.9 would invalidate this short setup.
The price is currently at a decision point – either confirming the bearish move or attempting a breakout.
Conclusion:
📉 Bearish bias unless price breaks above 189.9. ✅ Ideal entry for shorts: Rejection at resistance. 🚨 Stop-loss required in case of breakout.
Note
: The price is testing a key resistance zone (~189.5). A rejection from this level confirms a bearish move towards 188.0 and 187.7. If price breaks above 189.9, the bearish setup is invalid. Watch for confirmation before entering a trade. 📉
Trade active
gbp/jpy sell from 189.450
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Related publications
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.