GBP/JPY (British Pound / Japanese Yen) trade idea.The chart represents a trade setup for GBP/JPY on the 1-hour timeframe. Here's a breakdown:
Key Zones and Levels:
Entry Zone:
Highlighted between approximately 195.653 and 196.200
This is where the trader expects price to reverse and start moving downward.
Stop Loss (SL):
Set at 196.896
If price moves above this level, the trade idea is invalidated.
Target 1:
Set at 193.634
A partial take-profit level where the trader might secure some gains.
Final Target:
Set at 191.542 – 191.569
This is the ultimate take-profit level if the trade goes as planned.
Expected Price Action :
Price is expected to enter the Entry Zone, then reverse downward.
It may consolidate or make a pullback, then continue dropping.
The move is expected to reach Target 1, followed by the Final Target.
