GBPJPY trade ideas
GBPJPY BUYUptrend and higher bottom than bottom.
The price respected the golden Fibonacci zone and bounced from the demand zone 196.640
Good luck everyone 🍀
GBP/JPY BUYERS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
GBP/JPY is making a bearish pullback on the 2H TF and is nearing the support line below while we are generally bullish biased on the pair due to our previous 1W candle analysis, thus making a trend-following long a good option for us with the target being the 198.124 level.
✅LIKE AND COMMENT MY IDEAS✅
GBPJPYThe Gbpjpy was bullish for a long time, but recently, it broke out of the supporting trendline and made its way down to over 150 pips. It has also pulled back to Fibonacci's 61.8% Mark. All things being equal, the pair is expected to short 195.868.
happy trading. we hope it works as planned
GBPJPY BREAK DOWN 12M 3M 1M 1W 1D 4H 1H Here is my out look for all possible time frames bullish out look for pound yen
GBP/JPY H1 Chart Breakdown Elliott Wave Structure:
The chart appears to be within an Elliott Wave pattern, specifically focusing on the 5th wave.
Wave 5 is nearing completion and has projected targets around 196.139. The invalidation level for this wave is located at 196.671—if price moves beyond this, it will invalidate the current wave count.
Break of Structure (BOS):
A Break of Structure (BOS) is noted on the internal high. This indicates a shift in price momentum from bearish to bullish.
After the bullish movement broke the structure, price retraced and created a correction phase.
Fibonacci Retracement Levels:
The retracement after the bullish push aligns with Fibonacci levels:
0.236 level at 195.517
0.382 level at 195.192
These levels are crucial as they indicate where the price could react, showing potential areas for entries if a bounce occurs.
The equilibrium level (50% Fib) is located at 194.915, which often acts as a magnet for price in corrective phases.
Order Blocks:
A bullish order block sits below 195.192, signaling a key demand area. If the price retraces to this level, we can expect a possible bullish continuation from this discounted zone.
Short-term Outlook:
A retracement toward 195.192–194.915 is anticipated before a possible bullish continuation.
Price should not break below 193.687, which is a key invalidation zone for the bullish scenario.
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.
GBP/JPY plan for the upcoming week Weekly Overview
Market Structure & Key Levels:
The chart displays a potential Bullish Order Block formation with a strong focus on the 196.70 - 197.00 level. This level acts as a primary area of interest due to significant market reactions and serves as the Point of Control (POC) for the upcoming week.
A Break of Structure (BOS) has occurred, indicating a potential shift from a bearish to a bullish trend. This BOS acts as confirmation of a reversal if we see sustained buying pressure above these levels.
Harmonic Patterns:
The harmonic pattern highlighted around the previous highs signals a potential exhaustion point. This pattern confirms that sellers may encounter resistance if price reaches levels above 199.00.
Weekly Wave Analysis:
The Elliott Wave count suggests a completion of Wave 3 with the potential for a Wave 4 retracement towards the 197.00 - 197.50 range. If this retracement holds, we may see a bullish continuation to complete Wave 5.
Projected Price Movements:
Monday (M): A probable continuation of the retracement from previous highs, aiming for a correction towards the support zone around 197.00.
Tuesday (T): Expecting consolidation and a potential test of the 0.236 Fibonacci level around 196.70. Any price action below this level may invalidate the bullish scenario.
Wednesday (W): Possible bounce and start of an upward move if the correction holds, targeting 198.00.
Thursday (T): Bullish momentum could push GBP/JPY towards 198.60 - 199.00 if previous days’ levels hold. This level marks a critical resistance.
Friday (F): Anticipated end of the upward move and potential profit-taking. Resistance around 199.40 could act as the week’s high if buyers lose strength.
Risk Management:
A good stop-loss strategy would involve setting stops below 196.70 for buy positions on lower timeframes.
Monitoring volume profiles and price rejections around these key levels will be crucial for managing entries and exits effectively.
Summary
The week’s outlook for GBP/JPY involves a probable retracement early in the week, followed by a bullish wave continuation toward 198.60 - 199.40 by week’s end, provided key support levels hold. Keep an eye on major economic events and fundamentals that could impact JPY strength, as they could influence GBP/JPY movements in the anticipated ranges.
Detailed Analysis of GBP/JPY (1H) Chart 1. Harmonic Patterns (Likely Bat or Gartley)
The marked points labeled "A", "B", "C", and "D" form a harmonic pattern. Harmonic patterns use Fibonacci retracement levels, often aiming for precision with levels like 0.618, 0.786, and 1.618.
The Fibonacci retracement values are visible on the chart (e.g., 0.618 and 0.786), indicating key levels where price is expected to react.
2. Elliott Wave Count
The chart shows a likely Elliott Wave count, where the current structure is labeled with Roman numerals (I, II, III).
Wave III has an extension, typically a strong impulse wave, often exceeding the 1.618 level.
The labeling around these waves helps identify potential entry or exit points based on the wave completion and correction expectation.
3. Fibonacci Extensions and Retracements
The levels labeled 1.618, 1.786, and 2.000 are common Fibonacci extension levels used to project possible reversal points.
The "CONFIRMATION" level at 1.618 suggests that if price reaches this, it aligns with a wave target, while the "INDUCEMENT" level at 1.786 might serve as a stop-loss area or profit target.
These levels indicate areas of confluence where traders expect significant support or resistance.
4. Volume Profile and Inducement Levels
There’s a volume profile along the left side of the pattern, giving insights into where most trading volume occurred during the price movements.
"Inducement Wave 3" suggests a likely resistance zone that could trap traders or lead to a reversal.
5. Zones of Confluence
The shaded red and green zones highlight areas of high confluence, where multiple technical factors align, often strong areas for potential reversals or breakout setups.
For example, the zones above Wave III are potential resistance levels, aligned with key Fibonacci extensions.
6. Trade Setup Labels
Labels like "LONG 2 SHORT 4" and "SHARP 2 SHALLOW 4" indicate potential entry points or setups. They suggest specific plays based on wave structure, where "LONG" and "SHORT" relate to anticipated corrective patterns.
7. Invalidation and Risk Management
"INVALIDATION WAVE 0" shows a critical level where the trade idea or wave count would be invalidated if price breaches it, an essential risk management tool.
Key Takeaways
This chart combines harmonic patterns, Elliott Wave, Fibonacci levels, and volume analysis, aiming for high-probability trade setups.
Focus on high-confluence zones like 1.618-2.000 Fibonacci extensions for entries/exits.
Manage risk by setting invalidation points and noting potential inducement areas to prevent getting trapped.
GBP/JPY 144M chart with an analysis of the key levels1. Elliott Wave Analysis and Structure
The chart appears to be tracking a complex Elliott Wave pattern with clear labeling of impulse and corrective waves.
Wave III and IV are prominent on the chart, indicating that the current movement may be within a broader impulse wave structure, likely aiming towards completing Wave V at higher levels.
Wave 1 Invalidation Level at 199.240: This level is crucial as any move below this would invalidate the current wave count, which expects price to rise in Wave V without dipping below Wave 1's territory.
2. Fibonacci Levels and Extensions
Key Fibonacci Extensions:
3.618 Extension at 207.390: This is the highest extension marked, suggesting a potential overextended Wave V target.
2.618 Extension at 205.421: This level is marked for a diagonal Wave 5, providing a likely resistance level and a target for a possible reversal.
2.236 Extension at 203.952: Labeled as "Volume Divergence by Wave 5," this level indicates where volume divergence might emerge, signaling weakening momentum and a potential reversal.
Retracement Levels:
0.272 (202.172) and 0.382 (201.240): These retracement levels provide support within the corrective structure of Wave IV. They mark areas where price could potentially consolidate before moving higher to complete Wave V.
0.618 (199.240): This level is noted as a critical support level. It also serves as the Wave 1 invalidation point, reinforcing its importance as a support that should hold if the bullish wave count remains valid.
3. Volume Divergence and Inducement Zones
Volume Divergence by Wave 5 (at 206.888): Located near a significant Fibonacci extension, this indicates that although price may continue higher, a reduction in volume could hint at a weakening bullish momentum.
Inducement Zone (2.618 at 204.375 for Wave 3): This inducement area acts as a potential target for Wave 3, where traders might look for an initial breakout or reaction as it aligns with a higher extension level.
Conformation Zone at 2.236 (203.224): Marked as a confirmation area for Wave 1-5, suggesting that this could act as a validation zone for continued bullish movement if price holds above it.
4. Invalidation Levels
Wave 2-B Invalidation: An invalidation level is noted around the bottom of the corrective phase, signifying that any drop below this would invalidate the expected bullish move in Wave V.
Wave 4 Invalidation: The corrective Wave IV must not extend too low (below the noted retracement levels), or else the structure may shift into a deeper correction rather than maintaining the bullish outlook.
5. Strategic Price Levels
Resistance Levels:
206.889: This is noted as the invalidation extension above Wave 5, marking a potential high where price might encounter resistance if this wave structure remains intact.
205.421 (Diagonal Wave 5 Target): As a common extension level, this serves as a natural target for price to complete the wave.
Support Levels:
200.500 - 201.240 Range: This range includes retracement levels for Wave IV and is a key support area to maintain the bullish wave count.
199.240: Critical as the must-not-pass level for Wave 1. A breach here would invalidate the wave structure.
6. Channel and Trendline Analysis
Ascending Trendline Support: An orange trendline runs diagonally, acting as a support line for the ongoing uptrend. This line aligns with retracement levels, suggesting that if price touches or respects this trendline, it could provide a buying opportunity within the context of the bullish structure.
Diagonal Channel in Purple: The price movement within this channel helps in tracking the upward progress of Wave III to Wave V, with each retracement bouncing within the channel limits.
7. Projected Path and Trading Implications
Primary Pathway: The chart anticipates that price will reach the 2.618 (204.375) and possibly 3.618 (207.390) extensions for Wave V. A break of these levels with volume divergence would be a signal for potential exhaustion.
Wave IV Consolidation: Should Wave IV continue, traders may look to buy on dips near the 0.382 (201.240) or higher as long as the price remains above 199.240.
Exit/Profit-Taking Zones: Traders may consider taking profits near 204.375 or 206.888 based on resistance levels, especially if volume divergence becomes apparent.
Summary of Key Takeaways
Upside Targets: The key upside targets are the 2.236 extension (203.952), 2.618 extension (205.421), and the maximum extension at 207.390.
Critical Supports: Supports at 201.240 (0.382 retracement) and 199.240 (Wave 1 invalidation) are key for maintaining the bullish outlook.
Volume Divergence: Potential volume divergence near the higher extensions could signal a weakening trend, marking a potential reversal or consolidation phase for GBP/JPY.
GBPJPYGBPJPY . Potential long opportunity.
Yesterday we have called buys during Asian Session . We are now waiting on a clear break of our KL (Key Level) 198.360 for potential buys . We are still extremely bullish on GBPJPY . Our main target now is to break 199.800 which would confirm our continuation buys. BoJ (Bank of Japan) still can’t risk to raise their interest rates aggressively due to the downside risk on their stock market.
KEY NOTES
- GBPJPY has broken below our KL (Key Level) 198.360.
- Targeting 199.800 break for continuation buys.
- BoJ (Bank of Japan) still can’t risk to raise their interest rates aggressively due to the downside risk on their stock market.
Happy trading!
FxPocket
GBPJPY at Support with Bullish Divergence – Potential Reversal"GBP/JPY is currently testing a strong support level and showing signs of a potential reversal as a bullish divergence forms.
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GBPJPY Is About to RecoverHaving found support, GBPJPY is expected to move at least to the 197.75 area in the short term. This is the minimum target, as we could also see a larger move towards the round 200.00 level.
GBPJPY - Combining Patterns & Higher Timeframe AnalysisA walkthrough of how to identify & trade the Cypher pattern on the GBPJPY along with a look at how using higher timeframe analysis can be used to reveal even bigger potential moves.
Please leave any questions or comments below!
Akil
GBPJPY BUYAnother chance to place buys on this pair. Price is currently running at 197.1 and should rise towards the resistance at 198.4. Price may fall from 198.4 towards 196.00. Price will not break below 195.4 therefore we can have our stop losses 195.7
GBPJPY Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance )
Risk Disclaimer:
Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in this analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
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GBPJPY is in the Down TrendHello Traders
In This Chart GBPJPY HOURLY Forex Forecast By FOREX PLANET
today GBPJPY analysis 👆
🟢This Chart includes_ (GBPJPY market update)
🟢What is The Next Opportunity on GBPJPY Market
🟢how to Enter to the Valid Entry With Assurance Profit
This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
BEARISH MOVEMENT ON GBPJPYA bearish reversal has been identified on the GBPJPY chart. Following a period of uptrending,Price broke uptrending support . a significant double top pattern is formed on the 4-hour chart. If the price break and retest the neckline we re good to go down ....
GBPJPY #GBPJPY The trend is not confirmed yet till the swing low that caused the high is cleared or respected, but for now, just observe. I will drop more analysis once it’s clear.
Trend is key 🔑
So wait for the trend
GBPJPY 1D | Market ViewThe GBPJPY shows potential for a bearish pullback, which may drive the price down toward the support level at 190.000. Key selling opportunities are anticipated around the 198.500 level, presenting a strategic entry point for traders aiming to capitalise on this potential downward movement.
GBPJPY - DowntrendGBPJPY wave 2 (blue circle) is completed. Now she continuing its downtrend to complete wave 3.
To enter the trade, it's wise to wait for retracement to a certain level.
