Current Price: ¥188.48
1-Hour (H1) Chart Analysis:
📌 Downtrend in Play – GBP/JPY is trading within a descending trendline (red), showing continuous lower highs and lower lows.
📌 Support Around ¥188.00 – The pair found temporary support near ¥188.00, aligning with the green trendline, indicating potential buying interest at this level.
📌 Resistance at ¥190.00 – The descending trendline and recent price action suggest that ¥190.00 is a key resistance zone. Any upside move could face rejection here.
📌 Indicators:
✔️ Price remains below short-term moving averages, confirming bearish momentum.
✔️ A break above ¥190.00 would be needed to shift momentum toward bullish recovery.
✔️ A breakdown below ¥188.00 could open doors to ¥186.50 or lower.
H1 Prediction:
📉 Bearish Scenario: If GBP/JPY fails to break above ¥190.00, expect further downside toward ¥188.00 and possibly ¥186.50.
📈 Bullish Scenario: A break above ¥190.00 could trigger a rally toward ¥192.00, but strong resistance exists at the trendline.
Daily (D1) Chart Analysis:
📌 Strong Downtrend Since ¥200.00 – GBP/JPY has been in a bearish structure, consistently rejecting from lower highs.
📌 Bearish Wick Rejection – Recent price action shows a bearish wick, indicating selling pressure at higher levels.
📌 Descending Triangle Formation – The pair is forming a descending triangle, with lower highs and support around ¥185.00 - ¥186.00 (blue horizontal line).
📌 Indicators:
✔️ The trend remains bearish as price trades below key resistance levels and moving averages.
✔️ If ¥185.00 - ¥186.00 support breaks, expect further downside to ¥180.00.
✔️ A bullish reversal is possible only if ¥192.00 is breached.
D1 Prediction:
📉 Bearish Scenario: If GBP/JPY continues to reject lower highs, expect ¥186.00 - ¥185.00 to be tested soon. A break below this could send price toward ¥180.00.
📈 Bullish Scenario: A break and close above ¥192.00 would signal a trend shift toward ¥195.00+.
Final Outlook:
🚨 Overall Bias: Bearish
🔸 Short-Term (H1): Watching for a retest of ¥190.00 resistance or further downside toward ¥188.00.
🔸 Long-Term (D1): GBP/JPY remains bearish unless it breaks above ¥192.00.
💡 Strategy:
✅ For sellers: Look for rejections at ¥190.00 and target ¥186.00.
✅ For buyers: Wait for a confirmed breakout above ¥192.00 before considering a long position.
📊 GBP/JPY remains in a clear downtrend—until key resistances break, the trend favors the bears! 🚨
1-Hour (H1) Chart Analysis:
📌 Downtrend in Play – GBP/JPY is trading within a descending trendline (red), showing continuous lower highs and lower lows.
📌 Support Around ¥188.00 – The pair found temporary support near ¥188.00, aligning with the green trendline, indicating potential buying interest at this level.
📌 Resistance at ¥190.00 – The descending trendline and recent price action suggest that ¥190.00 is a key resistance zone. Any upside move could face rejection here.
📌 Indicators:
✔️ Price remains below short-term moving averages, confirming bearish momentum.
✔️ A break above ¥190.00 would be needed to shift momentum toward bullish recovery.
✔️ A breakdown below ¥188.00 could open doors to ¥186.50 or lower.
H1 Prediction:
📉 Bearish Scenario: If GBP/JPY fails to break above ¥190.00, expect further downside toward ¥188.00 and possibly ¥186.50.
📈 Bullish Scenario: A break above ¥190.00 could trigger a rally toward ¥192.00, but strong resistance exists at the trendline.
Daily (D1) Chart Analysis:
📌 Strong Downtrend Since ¥200.00 – GBP/JPY has been in a bearish structure, consistently rejecting from lower highs.
📌 Bearish Wick Rejection – Recent price action shows a bearish wick, indicating selling pressure at higher levels.
📌 Descending Triangle Formation – The pair is forming a descending triangle, with lower highs and support around ¥185.00 - ¥186.00 (blue horizontal line).
📌 Indicators:
✔️ The trend remains bearish as price trades below key resistance levels and moving averages.
✔️ If ¥185.00 - ¥186.00 support breaks, expect further downside to ¥180.00.
✔️ A bullish reversal is possible only if ¥192.00 is breached.
D1 Prediction:
📉 Bearish Scenario: If GBP/JPY continues to reject lower highs, expect ¥186.00 - ¥185.00 to be tested soon. A break below this could send price toward ¥180.00.
📈 Bullish Scenario: A break and close above ¥192.00 would signal a trend shift toward ¥195.00+.
Final Outlook:
🚨 Overall Bias: Bearish
🔸 Short-Term (H1): Watching for a retest of ¥190.00 resistance or further downside toward ¥188.00.
🔸 Long-Term (D1): GBP/JPY remains bearish unless it breaks above ¥192.00.
💡 Strategy:
✅ For sellers: Look for rejections at ¥190.00 and target ¥186.00.
✅ For buyers: Wait for a confirmed breakout above ¥192.00 before considering a long position.
📊 GBP/JPY remains in a clear downtrend—until key resistances break, the trend favors the bears! 🚨
Dhanda The Great
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.
Dhanda The Great
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.