Technical analysis of GBP/JPY on the 2-hour timeframe. Here's the idea breakdown:
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📉 GBP/JPY Bearish Reversal Setup
Chart Context:
Price is trading inside an ascending channel, but currently reacting from the upper resistance boundary.
Several rejections (red arrows) at the resistance trendline signal selling pressure.
A clear resistance zone around 198.00 has held.
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🔍 Technical Indicators:
200 EMA (blue) and 50 EMA (red) show an overall bullish trend, but price is now showing a pullback pattern.
RSI (~69.46) is near the overbought level, indicating a potential reversal or correction.
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🎯 Trade Idea:
Short Entry Zone: Near 198.00 (channel resistance).
Target: 194.68 (marked as the target point and lower channel support).
Risk/Reward Potential: Approx. -349.8 pips (-1.76%) downside.
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⚠️ Confirmation Needed:
Watch for bearish candle patterns or breakdowns below 196.88 (50 EMA) for stronger confirmation.
RSI dropping below 57 could further support bearish momentum.
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📝 Summary:
This setup favors a short-term bearish correction within a broader uptrend. The strategy targets a move back to the lower boundary of the channel unless a breakout above 198.00 occurs.
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📉 GBP/JPY Bearish Reversal Setup
Chart Context:
Price is trading inside an ascending channel, but currently reacting from the upper resistance boundary.
Several rejections (red arrows) at the resistance trendline signal selling pressure.
A clear resistance zone around 198.00 has held.
---
🔍 Technical Indicators:
200 EMA (blue) and 50 EMA (red) show an overall bullish trend, but price is now showing a pullback pattern.
RSI (~69.46) is near the overbought level, indicating a potential reversal or correction.
---
🎯 Trade Idea:
Short Entry Zone: Near 198.00 (channel resistance).
Target: 194.68 (marked as the target point and lower channel support).
Risk/Reward Potential: Approx. -349.8 pips (-1.76%) downside.
---
⚠️ Confirmation Needed:
Watch for bearish candle patterns or breakdowns below 196.88 (50 EMA) for stronger confirmation.
RSI dropping below 57 could further support bearish momentum.
---
📝 Summary:
This setup favors a short-term bearish correction within a broader uptrend. The strategy targets a move back to the lower boundary of the channel unless a breakout above 198.00 occurs.
Feedback My idea like and comment's 🙏
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Join My Official Channel Link
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Join My Public Channel Link
t.me/goldprotreader
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
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.