GBP/JPY Long Setup – Brokerir Exclusive Analysis
GBP/JPY (GJ) is currently approaching two key support levels at 189.554 and 189.200, where buying interest is expected to emerge. Based on technical analysis, price action suggests a long (buy) opportunity, targeting 189.900 as the next resistance level. This setup aligns with multiple confluences, including support rejections, trend analysis, and momentum indicators, making it a high-probability trade.
Key Technical Levels
Support Levels (Long Entry Points):
189.554 – First support level where buyers might step in.
189.200 – Stronger support zone, where price could see a solid bounce.
Target Resistance:
189.900 – Expected take-profit zone based on prior price action.
Technical Factors Supporting the Long Setup
1️⃣ Price Action & Market Structure
GBP/JPY remains in an overall bullish structure, with price retracing to a support zone before a potential continuation upwards.
Bullish rejection candles around 189.554 or 189.200 will confirm buyer dominance.
2️⃣ Fibonacci Retracement & Support Confluence
The 189.200 level aligns with a key Fibonacci retracement zone, reinforcing its significance as a strong support area.
Previous demand zones in this area indicate a higher probability of price bouncing back towards 189.900.
3️⃣ RSI & Momentum Indicators
RSI is near oversold conditions, signaling potential bullish reversal.
MACD shows weakening bearish momentum, increasing the probability of an upward move.
4️⃣ Volume & Order Flow Analysis
Increasing buying volume near support zones suggests that institutions and large traders may be accumulating long positions.
A bullish engulfing candle or a strong rejection at support will further validate the trade setup.
Key Technical Levels
Support Levels (Long Entry Points):
189.554 – First support level where buyers might step in.
189.200 – Stronger support zone, where price could see a solid bounce.
Target Resistance:
189.900 – Expected take-profit zone based on prior price action.
Technical Factors Supporting the Long Setup
1️⃣ Price Action & Market Structure
GBP/JPY remains in an overall bullish structure, with price retracing to a support zone before a potential continuation upwards.
Bullish rejection candles around 189.554 or 189.200 will confirm buyer dominance.
2️⃣ Fibonacci Retracement & Support Confluence
The 189.200 level aligns with a key Fibonacci retracement zone, reinforcing its significance as a strong support area.
Previous demand zones in this area indicate a higher probability of price bouncing back towards 189.900.
3️⃣ RSI & Momentum Indicators
RSI is near oversold conditions, signaling potential bullish reversal.
MACD shows weakening bearish momentum, increasing the probability of an upward move.
4️⃣ Volume & Order Flow Analysis
Increasing buying volume near support zones suggests that institutions and large traders may be accumulating long positions.
A bullish engulfing candle or a strong rejection at support will further validate the trade setup.
Trade closed: stop reached
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Indicator: brokerir.com/trend-prediction-indicator-in-tradingview/
Gold Analysis: brokerir.com/xauusd-analysis/
Brokers: brokerir.com/popular-forex-broker-for-iranians/
Indicator: brokerir.com/trend-prediction-indicator-in-tradingview/
🚀 brokerir.com CEO
Gold Analysis: brokerir.com/xauusd-analysis/
Brokers: brokerir.com/popular-forex-broker-for-iranians/
Indicator: brokerir.com/trend-prediction-indicator-in-tradingview/
Gold Analysis: brokerir.com/xauusd-analysis/
Brokers: brokerir.com/popular-forex-broker-for-iranians/
Indicator: brokerir.com/trend-prediction-indicator-in-tradingview/
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