GBPJPY BUY OR SELL BIASGJ is in a very strong supply zone and I feel it will breakout due to the momentum of it going long. So is either a buy or sell bias
GBPJPY trade ideas
IDEA GBPJPY LONG POSITION HI TRADERS
Pair : GBPJPY
Position : LONG ( BUY )
Entry Price : 196.000
STOP LOSS @ 195.650
TP 1 @ 196.350
TP 2 @ 196.700
TP 3 @ 197.050( Trailing SL )
GBPJPY - 4hrs ( Buy Trade Target Range 280 PIP )🟢 Pair Name : GBP/JPY
Time Frame : 4hrs Chart / Close
Scale Type : Large Scale
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🟢 Key Technical / Direction ( Long ) Break Out Done
Type : Mid Term Swing
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Bullish Break
195.700 Area
Reasons
- Major Turn level / M
- Visible range Lvn
- Triangel Pattern
- Fibo Golden
- week High Area
- Choch Zone
Bearish Reversal
198.850 Area
- Major Turn level / D
- Visible range hvn
- FIbo Golden Zone
- Quarters High Area
- Choch Zone
GBPJPY: Medium term correction.GBPJPY is bullish on its 1D technical outlook (RSI = 59.018, MACD = 1.270, ADX = 45.334) but on a decreasing rate as the aggressive rise has taken a pause and the price, despite inside a Channel Up since August, has turned sideways since October 4th on the 4H MA50. We expect the bearish wave of the Channel Up to start any day now. Even though the previous targeted the 0.618 Fib, we will aim for the 0.5 this time (TP = 190.000) as the decline may start a little higher than the current price. Keep in mind that the best trigger to sell will be a 1D MACD Bearish Cross.
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gbpjpyIF IT BREAKS THROUGH THE 196.052 LEVEL MARKED ON THE CHART PRICE COULD CONTIUE TO RISE UP TO THE HIGH.
IF IT REJECTS FROM THE RESISTANCE LEVEL 196.052 WE COULD SEE A BEARISH PUSH TO THE DOWN SIDE.... currently waiting for price to hit key levels
GBPJPY Sell TradeIf gbpjpy rejects 195.650 on 30 min timeframe than sell with
Tp @ 194.650
Sl 195.800
GJ going long GJ has retraced on a major 0.618 zone on 4hr at 194.60 to assure continuous uptrend shortly.
JPY is going to be stronger in future-Elliot Wave AnalysisAs we see the price has completed its recent cycle on 11 July, 2024.
It is now in a major correction where the wave 'A' is already formed.
Now the price is forming the wave 'B' and its minimum destination is 61.80%
After completing the wave 'B', price will lead the wave 'C' which will be a downward impulse which can move the price toward 175 zone.
The more days are passing by, selling opportunity is emerging.
So be patience and enter into the market with confident.
GBPJPY Short Ideaas we have seen today British Pound has followed its Bullish path and now it has reached its Resistance level , Now we are expecting a Bearish Move in the pair JPX index is in has started its Bullish trend and we are wholey Bearish over the pair now
GBPJPYoverall trend bullish
present trend bullish
heading up to resistance, if breaks resistance
hold trade for 200.000
GBP/JPY 15-Minute AnalysisWe are looking at a potential short-term buying opportunity on GBP/JPY. The price has found support near the 195.000 level, and a pullback towards the 38.20% - 50% Fibonacci retracement levels could offer a great entry point.
Key details:
🟢 Support zone: Between 194.750 and 195.000.
📈 Resistance: Around the 195.400 - 195.600 levels, with potential to reach the 195.800 zone.
After a short consolidation, we expect a move up if the price holds above 194.800.
🟢 Look for potential long entries as the price pulls back, with stops below the 194.600 zone and an upside target in the 195.500 area.
⚠️ Risk management is key—let's give the market room to breathe and aim for a solid 60-80 pips as the price moves higher.
GBP/JPY Outlook (21 October 2024): Key Price Levels. Harmonic Pattern Structure
The chart seems to display a Gartley harmonic pattern. This can be seen through the labeled points X, A, B, C, D, which denote a classic five-point pattern used to predict potential reversals.
The retracement levels (like 0.618 and 0.786) shown between these points suggest that price action is expected to respect key Fibonacci ratios. For example, point D typically marks the reversal zone in harmonic patterns, where a trend reversal is expected after a harmonic completion.
Breakdown of the Pattern:
X to A: This appears to be the initial impulse move down.
A to B: The corrective upward move which retraces about 0.586 of XA.
B to C: A downward move that retraces part of AB (point C aligns with a strong price level).
C to D: An expected upward move towards D, likely completing the harmonic formation.
The completion of point D often indicates a potential reversal or new trend, and the trader would expect bearish movement from D.
2. Market Structure and Break of Structure (BOS)
There is an internal BOS (Break of Structure) marked on the chart, signifying a potential shift in market dynamics. This is a key signal in market structure analysis, suggesting that the price has broken a previous high or low (in this case, a high), indicating a trend change.
This BOS internal (H) indicates that the market might have switched to a bullish phase.
3. Volume Profile and Point of Control (POC)
Volume profile analysis appears on the chart, showing where the majority of trading volume has occurred. The POC (Point of Control) at the 194.191 level indicates that this price level has attracted the highest traded volume in the past sessions.
The volume profile helps traders understand where price is likely to consolidate or reverse based on historical trading activity.
4. Projected Elliott Wave Count
The chart also uses Elliott Wave Theory principles, particularly to project the ongoing and upcoming price waves.
The wave count suggests that the current price action might be in the midst of Wave 2 of a larger bullish impulse. After the completion of Wave 2, Wave 3 (which is often the strongest and most impulsive wave) is expected to begin.
The invalidity level for the Elliott Wave structure is marked at 192.462. This means if price drops below this level, the current wave count becomes invalid, and a reassessment is needed.
5. Fibonacci Retracement Levels
Fibonacci retracements are marked to assess potential retracement levels, notably 0.618 and 0.786. These levels are typically considered areas where price could retrace before continuing in the direction of the main trend.
Currently, Wave A is seen retracing to 0.618 at 194.587, and further potential retracement could be to 0.786 at 194.191 before an upward move.
6. Weekly Expectation and Timing (Monday to Friday Overview)
The red vertical lines indicate the transition between trading days from Monday to Friday, with key expectations for the week ahead:
A bullish start is projected early in the week (Monday-Tuesday), with potential completion of Wave D around midweek.
A corrective structure or internal pullback is expected around Wednesday.
A new bullish leg is anticipated towards the end of the week (Thursday-Friday) to close the week on a higher note, according to the chart's projected path.
The visualized market structure suggests a corrective move down on Tuesday (T) towards the 0.786 Fibonacci retracement level, after which a bullish movement is anticipated to begin as the next leg up (potentially a continuation of Wave 3). The weekly close (denoted as W CLOSE) is expected to be higher than current levels.
7. Key Support and Resistance Levels
195.270 is highlighted as a potential short-term resistance level, while 194.191 acts as a significant support level. This confluence of technical indicators shows potential areas where price might find resistance (on the upside) and support (on the downside).
The higher resistance zone is shown near 196.043, where a current weak high might result in further resistance as price tries to break above.
8. Summary of Market Outlook
Short-term (Early Week): Bearish retracement from the current price level towards 0.786 Fibonacci level, signaling the end of a corrective phase (C wave).
Mid-to-Late Week: Bullish continuation expected following the pullback, forming a new upward leg likely to complete Wave 3 in the Elliott Wave structure.
End-of-Week Close: Potential bullish close above 195.270, possibly challenging the 196.043 level before a pullback.
GBPJPY H4 - Short Signal GBPJPY H4
We have made a slight adjustment to our trading zone here on GBPJPY. Moving the zone from 195 psychological price, up 60 points to around 195.600. Slight adjustments to accommodate for the recent high press attempts. Supply and resistance no doubt evident on this 195.600 price, stops now covering recent wick high prices of 196.100, with a breathing space of 5-10 points.
We are ranging really nicely here, whilst stops may seem quite large, this is a fast moving pair, and the profit target it also large. This pair has been moving 100’s of points in very quick succession over the past few weeks. The range measures a healthy 200-250 points until support price/TP target.
GBP/JPY Market Analysis:We are currently observing a potential reversal near the 194.250 support zone. The price touched the 61.80% Fibonacci retracement level, and based on this, we could expect a short-term pullback before a continuation upward.
GBPJPY WONDERMAPGBPJPY WONDERMAP
Higher timeframe shows the uptrend is still intact. Expect a pullback to H4 support, H1 breakout, and M15 RBS for a continuation buy on the lower timeframes.
Stay sharp, we’re riding the wave!
GJ - this is tricky. volume suggests shorts, but structure suggests longs. all depends upon price. I wont be holding these GJ trades for long if I take them on
GBPJPYThe price follow according to the plan. Reason to sell the price not break the previous EG BUY and become EG failed, thus the market sell until H1 eg buy target.
GBPJPYWE looking for impulses to the upside as we are still inside the uptrending structure resulting in buying opportunities
GBPJPYGBPJPY Price Breaks the bullish trend so what’s next for price?
Sells
sellers are now active in the market so anticipate a break and retest to that zone and sell to the near by low
