GBP/JPY is showing a strong bullish continuation pattern after breaking out of a descending channel and reclaiming structure levels. This setup presents a clean opportunity to align with the trend.
Key Technical Highlights:
Trendline Support: Price respected the long-term ascending trendline near 194.000, forming a solid base.
Breakout Confirmation: A breakout from the descending channel and consolidation zone confirms bullish pressure.
Support Flip: Price is now holding above 196.234, flipping previous resistance into support.
Bullish Structure: Momentum is intact as buyers step in above the previous supply zone.
A pullback toward 196.234 – 196.500 could provide a low-risk buying opportunity.
As long as price holds above this level, the next bullish target lies around 198.278, the next major resistance.
If price breaks above 197.550, continuation toward the upper zone is likely.
Invalidation:
A break below 195.458 would invalidate the setup and suggest further consolidation.
Key Technical Highlights:
Trendline Support: Price respected the long-term ascending trendline near 194.000, forming a solid base.
Breakout Confirmation: A breakout from the descending channel and consolidation zone confirms bullish pressure.
Support Flip: Price is now holding above 196.234, flipping previous resistance into support.
Bullish Structure: Momentum is intact as buyers step in above the previous supply zone.
A pullback toward 196.234 – 196.500 could provide a low-risk buying opportunity.
As long as price holds above this level, the next bullish target lies around 198.278, the next major resistance.
If price breaks above 197.550, continuation toward the upper zone is likely.
Invalidation:
A break below 195.458 would invalidate the setup and suggest further consolidation.
Trade closed: target reached
Target Successfully guyys
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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.