Let’s break this GBP/JPY chart down and walk through it step by step, based on price action and structure. 👇
🧠 1. Current Structure Analysis (H4)
• Support zone (blue box): Very clean and respected. You’ve marked that demand zone well—from around 185.20 to 186.50, and price has already reacted multiple times.
• Rejection wicks: Recent candles show strong wicks rejecting from that zone—classic accumulation behavior.
• Double bottom / fakeout: There’s also a fakeout below the zone that immediately got bought back up. That’s a bullish signal—liquidity sweep followed by aggressive buying.
🔍 2. What’s Happening Now?
• Price bounced from demand and is now retesting that breakout region around 188.00.
• But we’re not seeing a higher high yet, just some consolidation.
✅ Is There a Buy Entry?
Yes—but not right this second. You want to wait for confirmation, unless you’re playing a deep swing from the bottom.
🔹 Buy Scenarios:
1. Safer Buy:
• Wait for a bullish break above 188.80–189.00, then catch the retest of that broken resistance.
• That’s your confirmation of a shift in structure.
2. Aggressive Buy (if you’re a sniper):
• You can buy on a retest of 186.80–187.00, only if:
• Price prints a bullish engulfing or strong rejection candle there.
• RSI divergence or volume spike confirms strength.
🎯 Targets:
• First: 189.20
• Second: 191.20 (previous structure highs)
• Stop loss: below 185.00
❌ Is There a Sell Entry?
Right now, selling is riskier because:
• You’re in a bullish reaction zone.
• Bears had their chance with the drop, but bulls defended the zone hard.
Only consider selling if price fails at 188.80–189.00 with strong bearish rejections and returns back inside the range. Then it might target 186.50 again.
✍️ My Take
No rush. Let the structure guide you. If we break 188.80 cleanly, I’m buying the retest.
Your zone is gold. Let price come to you.
🧠 1. Current Structure Analysis (H4)
• Support zone (blue box): Very clean and respected. You’ve marked that demand zone well—from around 185.20 to 186.50, and price has already reacted multiple times.
• Rejection wicks: Recent candles show strong wicks rejecting from that zone—classic accumulation behavior.
• Double bottom / fakeout: There’s also a fakeout below the zone that immediately got bought back up. That’s a bullish signal—liquidity sweep followed by aggressive buying.
🔍 2. What’s Happening Now?
• Price bounced from demand and is now retesting that breakout region around 188.00.
• But we’re not seeing a higher high yet, just some consolidation.
✅ Is There a Buy Entry?
Yes—but not right this second. You want to wait for confirmation, unless you’re playing a deep swing from the bottom.
🔹 Buy Scenarios:
1. Safer Buy:
• Wait for a bullish break above 188.80–189.00, then catch the retest of that broken resistance.
• That’s your confirmation of a shift in structure.
2. Aggressive Buy (if you’re a sniper):
• You can buy on a retest of 186.80–187.00, only if:
• Price prints a bullish engulfing or strong rejection candle there.
• RSI divergence or volume spike confirms strength.
🎯 Targets:
• First: 189.20
• Second: 191.20 (previous structure highs)
• Stop loss: below 185.00
❌ Is There a Sell Entry?
Right now, selling is riskier because:
• You’re in a bullish reaction zone.
• Bears had their chance with the drop, but bulls defended the zone hard.
Only consider selling if price fails at 188.80–189.00 with strong bearish rejections and returns back inside the range. Then it might target 186.50 again.
✍️ My Take
No rush. Let the structure guide you. If we break 188.80 cleanly, I’m buying the retest.
Your zone is gold. Let price come to you.
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.