GBPJPY is at a critical juncture, a fake out confirmed on the 30M, we need more candles.
If the support at 193.50 holds, there's a possibility for the price to climb towards the 196.00 level. This aligns with some technical analyses indicating a bullish outlook. โ
A breakdown below the 193.50 support with strong bearish momentum could invalidate the bullish setup, leading to further downside. In this case, consider short positions targeting lower support levels.โ
> Fake Break Above 193.50 , Now Back Below the Range Price wicked above 193.50, but failed to hold. Closed back below the range, meaning sellers stepped in aggressively.
> Currently Sitting at 193.50 Support Again. This level is acting as a decision point, either a bounce or a breakdown. If it rejects again and closes below, expect further downside.
โ RSI Divergence: Neutral at 51.3 (4H bullish momentum fading) โ MACD Signal: Histogram nearing bearish crossover below signal line โ Volume Profile: Heavy liquidity at 193.702โ194.461 range
๐ก Trade Idea 1: Intraday Buy Setup
Entry: ๐ฏ 192.912 (Confluence of Fib Support & Swing Low) Stop Loss: โ ๏ธ 190.853 (Below Key Liquidity Pool) Take Profit 1: ๐ 194.184 (Immediate Resistance) Take Profit 2: ๐ฉ 195.457 (Structural High Retest)
Rationale:
Bullish hammer pattern on 4H timeframe at 192.912 BoJ intervention risks limiting downside momentum
๐ก Trade Idea 2: Intraday Sell Setup
Entry: ๐ฏ 194.184 (Confluence of Swing High & Fib Extension) Stop Loss: โ ๏ธ 196.449 (Above Multi-Session Resistance) Take Profit 1: ๐ 192.912 (Retracement Base) Take Profit 2: ๐ฉ 192.126 (Liquidity Grab Zone)
GBPJPY 
