#GBPJPY: Is it correction for Bears or change of character?
Dear traders,
GBP/JPY has experienced a significant correction. The price reached the 195 level before declining to the 190 level. Currently, the price is fluctuating around 193.68, and a potential upward movement may extend to approximately 197 or 198. If the price disregards this range and breaks out to a higher level, we have identified a secondary entry point that offers a safer entry for risk-averse traders. Additionally, it is crucial to monitor the performance of the US Dollar Index (DXY), as its bullish trend can negatively impact the Japanese yen (JPY), leading to a surge in all JPY pairs to new highs. Therefore, close attention should be paid to the DXY's performance.
In our professional opinion, the price has formed an "AB=CD" pattern. Furthermore, an examination of the 4-hour timeframe suggests the possibility of a character change. Should this occur, we will provide an update. Please conduct your own research before executing any trades, as this chart is solely for educational purposes.
We appreciate your support by liking and commenting on our idea; it serves as an encouragement to our team.
Thank you.
Team Setupsfx_
GBP/JPY has experienced a significant correction. The price reached the 195 level before declining to the 190 level. Currently, the price is fluctuating around 193.68, and a potential upward movement may extend to approximately 197 or 198. If the price disregards this range and breaks out to a higher level, we have identified a secondary entry point that offers a safer entry for risk-averse traders. Additionally, it is crucial to monitor the performance of the US Dollar Index (DXY), as its bullish trend can negatively impact the Japanese yen (JPY), leading to a surge in all JPY pairs to new highs. Therefore, close attention should be paid to the DXY's performance.
In our professional opinion, the price has formed an "AB=CD" pattern. Furthermore, an examination of the 4-hour timeframe suggests the possibility of a character change. Should this occur, we will provide an update. Please conduct your own research before executing any trades, as this chart is solely for educational purposes.
We appreciate your support by liking and commenting on our idea; it serves as an encouragement to our team.
Thank you.
Team Setupsfx_
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