GBP/JPY The market recentlytransitioned from downtrend t uptrend
Current Price: 191.214 (up +0.154 or +0.08%).
Trend Context: The market recently transitioned from a downtrend to a bullish trend, characterized by breakouts and formation of higher highs (HH) and higher lows (HL).
Key Technical Components
Market Structure
HH (Higher High), HL (Higher Low): Indicate bullish momentum.
LH (Lower High), LL (Lower Low): Indicate prior bearish phase.
BOS (Break of Structure): Highlights key breakout points confirming trend continuation or reversal.
CHoCH (Change of Character): Marks a potential reversal point where trend direction changes.
Recent Trend
After forming a Lower Low (LL) in early April, the market made a Change of Character, followed by multiple BOS levels confirming bullish structure.
A Higher High was recently formed, but the price is now in a retracement phase.
Fibonacci & Fair Value Gaps (FVG)
Fibonacci Retracement Levels from recent swing low to high:
38.2%, 61.8%, and 78.6% levels are shown, indicating potential reversal zones.
FVG zones (light green and grey shaded areas): Gaps between candles where price moved rapidly, often acting as support or resistance.
Trade Setup
A long position setup is visible:
Entry Zone: Around 190.7–191.2 (in confluence with 0.618–0.786 retracement and FVGs).
Target (TP): Near 193.081.
Stop-Loss (SL): Around 186.572.
Conclusion
The chart shows a bullish market structure after a strong recovery from the April lows. The current pullback might present a buying opportunity if price holds around the FVG/Fibonacci confluence.
Trend Context: The market recently transitioned from a downtrend to a bullish trend, characterized by breakouts and formation of higher highs (HH) and higher lows (HL).
Key Technical Components
Market Structure
HH (Higher High), HL (Higher Low): Indicate bullish momentum.
LH (Lower High), LL (Lower Low): Indicate prior bearish phase.
BOS (Break of Structure): Highlights key breakout points confirming trend continuation or reversal.
CHoCH (Change of Character): Marks a potential reversal point where trend direction changes.
Recent Trend
After forming a Lower Low (LL) in early April, the market made a Change of Character, followed by multiple BOS levels confirming bullish structure.
A Higher High was recently formed, but the price is now in a retracement phase.
Fibonacci & Fair Value Gaps (FVG)
Fibonacci Retracement Levels from recent swing low to high:
38.2%, 61.8%, and 78.6% levels are shown, indicating potential reversal zones.
FVG zones (light green and grey shaded areas): Gaps between candles where price moved rapidly, often acting as support or resistance.
Trade Setup
A long position setup is visible:
Entry Zone: Around 190.7–191.2 (in confluence with 0.618–0.786 retracement and FVGs).
Target (TP): Near 193.081.
Stop-Loss (SL): Around 186.572.
Conclusion
The chart shows a bullish market structure after a strong recovery from the April lows. The current pullback might present a buying opportunity if price holds around the FVG/Fibonacci confluence.
Trade active
150 running in profit 
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.