A bullish breakout setup is forming on GBPJPY, presenting a potential swing trade opportunity:
🔹 Buy Stop: 197.122
🔹 Stop Loss (SL): 196.001
🔹 Take Profit 1 (TP1): 198.206
🔹 Take Profit 2 (TP2): 199.297
Price is consolidating just below the 197.122 resistance zone, which aligns with a supply area. A breakout above this could signal trend continuation, targeting the previous imbalance zones.
📉 The RSI is currently at 61, with recent bullish divergence, indicating strong buying momentum building up.
Key Points
Buy Zone: Marked above current range with entry upon breakout
TP1: Near previous order block and resistance rejection area
TP2: Approaching the next major supply zone
SL: Placed below the last valid demand zone for structure protection
🚨 Trade remains pending until price breaks and closes above 197.122. Risk-to-reward is favorable if confirmed.
💬 Wait for breakout confirmation — be patient, let the market come to you. Manage risk. Stay consistent. Trade smart!
🔹 Buy Stop: 197.122
🔹 Stop Loss (SL): 196.001
🔹 Take Profit 1 (TP1): 198.206
🔹 Take Profit 2 (TP2): 199.297
Price is consolidating just below the 197.122 resistance zone, which aligns with a supply area. A breakout above this could signal trend continuation, targeting the previous imbalance zones.
📉 The RSI is currently at 61, with recent bullish divergence, indicating strong buying momentum building up.
Key Points
Buy Zone: Marked above current range with entry upon breakout
TP1: Near previous order block and resistance rejection area
TP2: Approaching the next major supply zone
SL: Placed below the last valid demand zone for structure protection
🚨 Trade remains pending until price breaks and closes above 197.122. Risk-to-reward is favorable if confirmed.
💬 Wait for breakout confirmation — be patient, let the market come to you. Manage risk. Stay consistent. Trade smart!
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.