GBPJPY has been respecting a clean bullish structure on the 4H timeframe, consistently forming higher highs and higher lows.
Recently, we saw a strong breakout above key resistance at 196.850, pushing price up into a new swing high around 198.218. This move represents the impulsive leg in the current uptrend.
🔻 Now, price is beginning to reject from that high, suggesting the start of a corrective pullback.
⸻
🔍 What I’m Watching:
I’m closely monitoring the 50% to 61.8% Fibonacci retracement zone, drawn from the swing low at 194.022 to the high at 198.198. This zone aligns with prior structure and the ascending trendline, creating a high-probability buy zone.
• 📌 Key Retracement Levels:
• 50% = 196.132
• 61.8% = 195.644
• 70.0% = 195.306 (extended confluence)
Should price react bullishly from this zone, I’ll be looking for confirmation (such as a lower-timeframe liquidity sweep + break of structure) to catch the next leg higher.
⸻
🎯 Targets:
If the bullish trend holds, my upside targets are:
• TP1: Retest of the previous high at 198.198
• TP2: Round number / extension level at 198.500+
• TP3 (Extended): 199.800–200.000 range
⸻
❌ Invalidation:
A clean break below 194.022 would invalidate this bullish structure and call for a reassessment.
⸻
✅ Summary:
This is a classic Elite Precision Model setup:
Impulse → Pullback → Anticipated Continuation.
Patience is key — I’ll wait for the correction to complete before committing to the long side.
Recently, we saw a strong breakout above key resistance at 196.850, pushing price up into a new swing high around 198.218. This move represents the impulsive leg in the current uptrend.
🔻 Now, price is beginning to reject from that high, suggesting the start of a corrective pullback.
⸻
🔍 What I’m Watching:
I’m closely monitoring the 50% to 61.8% Fibonacci retracement zone, drawn from the swing low at 194.022 to the high at 198.198. This zone aligns with prior structure and the ascending trendline, creating a high-probability buy zone.
• 📌 Key Retracement Levels:
• 50% = 196.132
• 61.8% = 195.644
• 70.0% = 195.306 (extended confluence)
Should price react bullishly from this zone, I’ll be looking for confirmation (such as a lower-timeframe liquidity sweep + break of structure) to catch the next leg higher.
⸻
🎯 Targets:
If the bullish trend holds, my upside targets are:
• TP1: Retest of the previous high at 198.198
• TP2: Round number / extension level at 198.500+
• TP3 (Extended): 199.800–200.000 range
⸻
❌ Invalidation:
A clean break below 194.022 would invalidate this bullish structure and call for a reassessment.
⸻
✅ Summary:
This is a classic Elite Precision Model setup:
Impulse → Pullback → Anticipated Continuation.
Patience is key — I’ll wait for the correction to complete before committing to the long side.
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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.
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.