📊 Technical Breakdown:
GBPJPY remains in a strong bullish trend, continuing to form higher highs and higher lows.
After reaching the high at 196.413, price corrected to 191.897, then rallied back to 196.320, retesting prior supply — but failed to break it. From there, price gave a deeper pullback to 192.730, forming another higher low. We’ve since pushed back up and are currently sitting just below 196.000, back at the key resistance zone.
With structure still intact and price holding above key EMAs, I’m watching two primary bullish continuation setups.
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📌 Trade Setup Idea:
Scenario 1 – Pullback Buy at 195.000
If price rejects the 196.000 zone again, I’ll be watching for a pullback into 195.000 to form a new higher low.
• Entry Zone: 195.000
• Target: 200.000
• Stop: Below 194.000
Scenario 2 – Breakout Retest Buy at 196.000
If price breaks above 196.000 and rallies toward 197.000, I’ll look for a pullback back into 196.000, where prior supply becomes demand.
• Entry Zone: 196.000
• Target: 200.000
• Stop: Below 195.000
Both setups align with bullish structure and allow for clean risk-to-reward toward the next major level.
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📌 Summary:
Trend remains bullish unless 192.730 is broken. Watching for either a pullback to 195.000, or a breakout and retest of 196.000, with both setups aiming for the 200.000 handle — a major Weekly structure zone.
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👍 If this idea helped, please like the post and drop a comment with your thoughts or questions — always open to chart discussion.
Note
🔄 GBPJPY Breakout Update – Watching for Pullback Entry
Price has now broken cleanly above the key 196.000 supply level, confirming bullish continuation and printing a new higher high.
We’re currently in impulsive structure, and I’m anticipating a pullback toward the 196.000 zone, where I’ll look to enter long on the formation of a higher low.
✅ A more aggressive breakout entry is possible here, but carries slightly higher risk. Personally, I’ll remain patient and wait for the confirmed HL before entering.
📍 Bias remains firmly bullish. Now watching for the next corrective leg to set up the trade.
Trade active
Both Entries perfectly in profit over 5R
Perfect Analysis so far price is moving exactly as expected.
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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.
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.