Idea:
After a strong bullish rally earlier this week, GBPJPY has now pulled back to a key ascending trendline, which has acted as dynamic support over time. This retest is signaling a potential continuation of the bullish momentum.
Zooming into the lower timeframe (1-minute), a strong Order Block (OB) has formed right at the intersection of the trendline support, offering high confluence for a long setup. This OB also aligns perfectly with the 4H trendline, adding more weight to the bias.
Confluences supporting the bullish continuation:
Retest of the 4H ascending trendline (higher timeframe support)
Fresh 1-minute bullish Order Block at the zone
Price showing signs of reaction/rejection at the OB zone
Bullish market structure still intact
No major resistance until previous swing high
Entry Idea:
Monitor price reaction within the OB zone (1-minute) for confirmation (e.g., bullish engulfing, BOS on LTF). A clean break and retest within this zone can trigger a low-risk, high-reward long position.
Short-Term Target: Previous intraday high
Mid-Term Target: Next key resistance level or supply zone
Invalidation: Clean break below the 4H trendline and OB zone
After a strong bullish rally earlier this week, GBPJPY has now pulled back to a key ascending trendline, which has acted as dynamic support over time. This retest is signaling a potential continuation of the bullish momentum.
Zooming into the lower timeframe (1-minute), a strong Order Block (OB) has formed right at the intersection of the trendline support, offering high confluence for a long setup. This OB also aligns perfectly with the 4H trendline, adding more weight to the bias.
Confluences supporting the bullish continuation:
Retest of the 4H ascending trendline (higher timeframe support)
Fresh 1-minute bullish Order Block at the zone
Price showing signs of reaction/rejection at the OB zone
Bullish market structure still intact
No major resistance until previous swing high
Entry Idea:
Monitor price reaction within the OB zone (1-minute) for confirmation (e.g., bullish engulfing, BOS on LTF). A clean break and retest within this zone can trigger a low-risk, high-reward long position.
Short-Term Target: Previous intraday high
Mid-Term Target: Next key resistance level or supply zone
Invalidation: Clean break below the 4H trendline and OB zone
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.
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.