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JAPANESE YEN / BRITISH POUND

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JPYGBP trade ideas

GBP/JPY Technical Analysis and Trading Plan for Next Week1. Elliott Wave Structure Overview: Wave Count: GBP/JPY is analyzed as being in the later stages of a larger impulse wave cycle. Specifically, it suggests that Wave 5 of the broader uptrend is nearing completion. Wave Labels: The internal structure of the ongoing corrective pattern is marked with sub-waves (i, ii, iii, iv, v). The chart highlights that GBP/JPY may be forming a corrective wave (1)-(2)-(3) sequence within Wave 5. 2. Fibonacci Projections and Key Levels: Extension Levels: Key Fibonacci extension levels such as 2.236 (213.660) and 2.618 (218.783) are used to project potential targets for Wave 3 and Wave 5. These levels signify areas where price momentum might decelerate or reverse. Retracement Levels: The retracements, particularly 0.618 (195.148) and 0.382 (202.215), indicate zones where pullbacks might find support, validating a potential Wave 4 correction before the final push in Wave 5. 3. Confluence Zones: Support and Resistance: Key zones like 208.117 (the most recent swing high) and 192.482 (an important invalidation level) are critical. Price action at these levels will provide insights into whether GBP/JPY will continue its upward trajectory or reverse course. Dealing Range and Volume Analysis: The upper resistance at 211.895 is marked as a dealing range, where volume divergence is noted, indicating a potential exhaustion point for Wave 5. 4. Harmonic Patterns: AB=CD Pattern: An ABC corrective structure within a potential bullish continuation is highlighted. The specific retracement levels of 0.786 and 1.272 are pivotal, suggesting where the current consolidation might terminate before a breakout to new highs. Complex Corrective Wave: The analysis suggests a possible shallow or sharp Wave 2 correction within the larger wave, implying a short-term retracement that aligns with harmonic and Fibonacci confluence. 5. Market Invalidation and Risk Management: Critical Invalidation Level: The chart denotes 192.482 as the key invalidation point for the current wave count. A decisive break below this level would invalidate the anticipated bullish wave structure and prompt reevaluation. Stop-Loss Placement: Traders may place stop-loss orders just below 192.482 to protect against downside risk, maintaining a risk-reward ratio aligned with potential targets at the 2.236 and 2.618 extensions. 6. Projected Scenarios: Bullish Scenario: If GBP/JPY holds above 195.148 and breaks past the 208.117 resistance, it could target the 2.618 extension (218.783) as the final phase of Wave 5. This move would align with an extended impulse wave, suggesting strong bullish momentum. Bearish Reversal: Failure to maintain support above the 0.618 retracement (195.148) or a break below the invalidation level (192.482) could signal a deeper corrective phase, potentially transitioning into a larger Wave A of an ABC correction. 7. Trading Plan for Next Week: Entry Strategy: Monitor the price action near the 0.272 (205.508) and 0.382 (202.215) retracement levels. If the price consolidates and shows bullish rejection at these levels, consider a long position with tight stops. Confirmation for Entry: Await a break and close above 208.117, supported by volume analysis and momentum indicators, to confirm the continuation of Wave 5. Profit Targets: Set initial take-profit levels at 213.660 (2.236 extension) and extend them to 218.783 (2.618 extension) for a larger move. Risk Management: Place stop-loss orders below the 192.482 invalidation point to minimize potential losses. 8. Additional Observations: Volume Divergence: The projected end of Wave 5 shows a volume divergence signal at 211.895, implying that momentum might taper off as it approaches this level. Wave Subdivision: The chart highlights minor sub-wave structures that need to form (e.g., sub-waves long 2 and short 4). A successful completion of these sub-waves adds confidence to the upward continuation scenario. Key Takeaways: Primary Outlook: Bullish continuation with close monitoring of retracement levels for potential entries. Risk Levels: Watch for breaks below 195.148 and 192.482 as critical bearish signals. Targets: Focus on 213.660 and 218.783 for Wave 5 completion, aligning with potential exhaustion and confluence zones.
Long
by spacedevil
GBPJPY - Long setupMy main trading principle is that the price always moves from swept liquidity levels to untouched liquidity levels. In particular case we clearly can see the following context: price swept 1D key liquidity level and left untouched level higher. Also price swept 1W key liquidity, so the probability for some bullish move higher. But to take more statistically more probable trades we should wait for some time of lower timeframe confirmation. For me the best way to confirm higher timeframe context is structure. We can notice the break of market structure (sign of strength) on key liquidity level, so there is a higher probability to see price higher at least on opposite level (marked higher). Your success is determined solely by your ability to consistently follow the same principles.
Long
by Maks_Klimenko
GBPJPY First 1D Golden Cross after 19 months. Strong BUY.The GBPJPY pair is forming today a Golden Cross on the 1D time-frame, the first such pattern in exactly 19 months (April 21 2023). Naturally this is a huge bullish signal alone, as technically the Golden Cross calls for upside action. But more specifically for this pair's price action, it indicates the high probability of an immediate aggressive push as the current formation is very similar to the April 2023 one. As you can see, both were trading within a Channel Up up to the moment of the Golden Cross, having started after a 1W MA100 (red trend-line) test. The 1D CCI trading on Higher Lows below -100.00 (oversold) is a confirmation that the price Channel Up breaks aggressively to the upside. The previous Golden Cross pushed the price just above the 3.0 Fibonacci extension, to a +18.40% rise. Throughout this time, the 1D MA50 (blue trend-line) was supporting the uptrend. As a result, we turn long now on GBPJPY, targeting 215.000 (just above the 3.0 Fib extension). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
Long
by TradingShot
Bullish rise off pullback support?GBP/JPY has reacted off the pivot which has been identified as a pullback support and could rise to the 1st resistance which aligns with the 50% Fibonacci retracement. Pivot: 193.92 1st Support: 192.81 1st Resistance: 195.74 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
#GBPJPY: UPDATED VIEW 24/10/2024 **GBPJPY UPDATED VIEW BASED ON PREVIOUS ANALYSIS** Dear Traders, I hope you are doing well. Based on our previous analysis of GBPJPY, we identified two potential selling opportunities within the market. However, the bullish sentiment in the DXY currency pair has had a significant impact on JPY, causing it to fall short of its full value within the daily timeframe. As of today, we have observed a potential exhaustion of DXY’s bullish momentum, with four-hour candles indicating a strong bearish pressure. This development presents an opportunity for JPY to rebound, potentially allowing us to secure substantial profits within the market. Now, let’s focus on the GBPJPY currency pair. The price has extended its bullish trend, although there is a possibility of a reversal from its current position. We recommend implementing appropriate stop-loss orders for any sell entries taken from the current market price. If the initial entry fails, we are confident that the price is likely to reverse from our second entry. Before making any decisions based on this analysis, it is essential to conduct your own research. This analysis is solely for educational purposes and should not be considered financial advice. We appreciate your feedback and support. If you find our work valuable, please consider liking and commenting on our ideas. Additionally, following us will provide us with encouragement and motivation. Best regards, Team SetupsFX_
Short
by Setupsfx_
19
GBP/JPY Analysis on the 15-Minute ChartThis chart highlights a potential bullish setup on the GBP/JPY pair based on key FTR levels and market structure: Upper FTR Levels: The red shaded areas near the 197.00 level represent significant upper FTR zones, where the price previously failed to maintain upward movement, leading to reversals. These levels act as key resistance zones to watch. Lower FTR Levels: The blue shaded areas around 194.50 mark strong lower FTR zones, where prior price action reversed sharply upward, indicating key support areas. Trade Setup: A buy position is active with the entry near 195.733. The green zone represents the take-profit target, located near the upper FTR level around 197.00. The red zone shows the stop-loss, placed below the lower FTR level at 195.20 for risk management. Current Market Context: The price has rebounded from the lower FTR zone around 194.50 and is now consolidating above the entry point at 195.733. A continuation toward the upper FTR level is anticipated if bullish momentum persists.
by Mustafe9_Mohamed
GBPJPY Set To Grow! BUY! My dear friends, Please, find my technical outlook for GBPJPY below: The instrument tests an important psychological level 193.09 Bias - Bullish Technical Indicators: Supper Trend gives a precise Bullish signal, while Pivot Point HL predicts price changes and potential reversals in the market. Target - 195.03 Recommended Stop Loss - 192.17 About Used Indicators: Super-trend indicator is more useful in trending markets where there are clear uptrends and downtrends in price. ——————————— WISH YOU ALL LUCK
Long
by AnabelSignals
1
GBPJPY potential buy, great risk to reward.GBP/JPY is currently testing a key support level, where I anticipate a potential reversal. The stop-loss is placed at 193.35, strategically positioned just below the support zone to minimize risk. The take-profit target is set at the previous resistance area of 197.20, aligning with historical price action. This setup offers a favorable risk-to-reward ratio, risking 158 pips to gain 226 pips, making it a strong opportunity for calculated risk-taking Our last forecast on this pair
Long
by Eleazarahmath
Trading Idea Update: GBP/JPY 30M - Bearish Setup After LiquidityIn this updated GBP/JPY 30-minute chart analysis, the market has continued to develop in line with our previous expectations. We're still targeting a bearish move based on ICT (Inner Circle Trader) concepts, but there are a few key updates to take note of. Here's the updated breakdown: Liquidity Clearance The Buy-Side Liquidity (BSL) above the previous highs has been cleared, as price aggressively moved higher, taking out stops and allowing smart money to accumulate positions. This liquidity grab is now complete, opening the door for a potential bearish reversal. Fair Value Gap (FVG) Mitigation Price is currently mitigating a Fair Value Gap (FVG), which aligns with a previous imbalance between buyers and sellers. This FVG acts as a premium zone for initiating short positions. The FVG also aligns with the high of the Asian session, adding more confluence to this level as a potential zone for a bearish reversal. Higher Time-Frame Confluence There is a H1 Order Block and imbalance (highlighted in red) above the current price, which suggests that price could still push higher before a significant drop. This level represents an area where smart money may look to finalize their liquidity hunt by sweeping the current highs before reversing. Bearish Bias with Alternative Scenario While the current plan is to look for shorting opportunities within the FVG zone (green), we must be cautious of the possibility that price could push further up to clear the current highs and tap into the H1 Order Block (red zone). If this happens, the market would still align with the bearish bias, but we may need to wait for a higher entry confirmation. Thus, two scenarios are possible: Scenario 1: Price reverses from the current FVG zone after mitigation, confirming a bearish entry model (e.g., CHOCH, BMS). Scenario 2: Price pushes higher into the H1 Order Block (red zone) before initiating the fall, clearing the current local highs and completing the liquidity hunt. Awaiting Bearish Entry Model We are still waiting for a bearish entry model to confirm the reversal. This could come in the form of a lower time-frame Change of Character (CHOCH) or Break of Market Structure (BMS) once we see a rejection from the FVG or the higher H1 zone. Asian Session Confluence The chart highlights the Asian session high and liquidity grab, providing further confluence that smart money has engineered a stop hunt during low-volume hours. This often sets the stage for a reversal during the London or New York sessions. Execution Plan Entry: Look for bearish confirmations within the current FVG zone or the H1 Order Block (if price pushes higher). Stop Loss: If entering off the FVG zone, place stops above the current highs. If entering off the H1 Order Block, place stops above the 198.000 level to protect against further liquidity grabs. Take Profit: Target the previous lows around 195.200, with extended targets towards 193.500 if the full bearish reversal unfolds. Summary The bearish bias remains intact, with liquidity now cleared and price mitigating the FVG. We are awaiting confirmation of a reversal entry model to initiate short positions. Alternatively, price could push higher into the H1 Order Block before falling, but the overall expectation is a bearish continuation once liquidity is fully hunted.
Short
by Cephas_John_
GBP/JPY 1H - Bearish Setup Awaiting Liquidity ClearanceIn this GBP/JPY 1-hour chart, we are preparing for a potential bearish trade setup based on liquidity principles from ICT (Inner Circle Trader) concepts. Here's a breakdown of the key elements: Market Structure and Bias The chart shows a clear bearish bias, as noted by the significant down move, but no short positions should be taken until the Buy-Side Liquidity (BS) above is cleared. This liquidity is within the premium zone of the recent range, and smart money may push prices higher to fill orders and grab liquidity before resuming the bearish trend. Liquidity Targets The Buy-Side Liquidity (BSL) is highlighted above the current price, showing that there are likely stop-loss orders and pending orders above this level. Price is expected to gravitate towards this liquidity before any significant downward movement. Additionally, during the Asian session, we see a liquidity grab, which could indicate that the market makers have engineered a move to take out weaker hands before continuing higher into the premium zone. Optimal Trade Entry (OTE) The Fibonacci retracement tool has been applied to the recent swing high to swing low. The 61.8% - 70.5% retracement levels coincide with a Bearish Order Block, offering a potential area for the market to reverse lower. This area of confluence adds to the potential for a high-probability short setup once the BSL is cleared. Change of Character (CHOCH) A Change of Character (CHOCH) is present, showing that the market has already given an early indication of a potential reversal to the upside. This CHOCH supports the idea that the price may need to grab buy-side liquidity above before continuing the bearish trend. Bearish Continuation Setup Once the buy-side liquidity is taken and price enters into the premium zone (61.8% - 70.5% Fibonacci retracement), we expect a bearish continuation. This aligns with the overall market structure and liquidity principles. Execution Plan Entry: Wait for price to clear the buy-side liquidity and enter the premium zone (61.8% - 70.5% Fibonacci retracement) before considering short positions. Stop Loss: Place stops above the 78.6% Fibonacci level, protecting against a deeper liquidity grab. Take Profit: Target the sell-side liquidity below, with the potential for extended targets lower if the bearish trend continues.
Short
by Cephas_John_
Trading Idea Update: GBP/JPY 15M - Bearish Setup After LiquidityIn this updated analysis of the GBP/JPY 15-minute chart, we continue refining the bearish trade idea using ICT (Inner Circle Trader) concepts. The chart shows further development, with key liquidity levels now cleared, and we are awaiting a potential entry model. Here's the breakdown: Liquidity Clearance The Buy-Side Liquidity (BSL) marked on the chart has been cleared, as price spiked above previous highs, grabbing liquidity from retail traders’ stop-losses. This is a key event in ICT methodology, where smart money hunts for liquidity before reversing the market. Fair Value Gap (FVG) Mitigation Price has now entered the Fair Value Gap (FVG) zone, highlighted in green. This zone represents an imbalance in price action, where price is expected to mitigate and potentially reverse. The FVG aligns with a higher time-frame premium pricing zone, which adds confluence to a possible bearish reversal from this level. Asian Session Confluence We also see an Asian session high marked, which aligns with the current liquidity grab. This adds an additional layer of confluence, as the market often targets liquidity generated during the Asian session before making larger moves during the London or New York sessions. Awaiting Bearish Entry Model At this point, we are waiting for a bearish entry model within the FVG zone. This could include a lower time-frame Change of Character (CHOCH), a Break of Market Structure (BMS), or any other ICT entry confirmation, such as a rejection from a bearish Order Block. Patience is critical here, as we await confirmation that smart money has completed its liquidity hunt and is ready to drive prices lower. Bearish Bias and Continuation Once the entry model is confirmed, we expect a bearish continuation in line with the overall market structure. The liquidity grab and FVG mitigation make this a high-probability area for entering short trades. Execution Plan Entry: Await confirmation of a bearish entry model after FVG mitigation (e.g., CHOCH, BMS). Stop Loss: Consider placing stops above the liquidity high at 197.000 to protect against further liquidity grabs. Take Profit: Initial target at previous lows around 195.500, with the potential for extended targets towards 194.500 or lower, depending on market structure. Summary This updated setup offers a high-probability short trade following the clearance of buy-side liquidity. With price now mitigating the FVG, we are awaiting a bearish entry model for confirmation. The confluence of the liquidity grab, FVG mitigation, and Asian session liquidity makes this a strong potential reversal zone.
Short
by Cephas_John_
GBP/JPY Approaching Key Channel Support: Potential for Downside **GBP/JPY Technical Outlook: Bearish Signs Building as Price Approaches Critical Channel Support and Triangle Pattern Tightens** The recent movement in GBP/JPY has played out precisely as anticipated, with the price reaching my previous target. As the pair now approaches a critical junction, it’s beginning to display several bearish technical patterns that could hint at an impending trend reversal. At this stage, GBP/JPY is forming a triangular consolidation within an upward channel, testing the strength of the channel's lower boundary. This pattern is particularly important, as a decisive break and close below the channel would signal that selling momentum may be taking over, potentially altering the broader trend. ### Triangle Pattern and Lower Channel Boundary The triangle pattern currently taking shape suggests that GBP/JPY is undergoing a phase of consolidation, a period in which buyers and sellers are in temporary balance. However, with the price hovering near the lower boundary of the channel, this balance may soon tip in favor of the sellers. A breakdown below this channel would be highly significant, potentially confirming a shift in the prevailing upward trend and opening the door to lower price levels. ### Daily Timeframe: Double Top and Lower Highs Zooming into the daily timeframe reveals even more compelling evidence of weakening bullish momentum. GBP/JPY has formed a notable double top pattern, a formation known for signaling bearish reversals. The double top suggests that the buying strength encountered substantial resistance near recent highs, leading to a rejection. This pattern often serves as a precursor to a bearish move, as it shows that the upward push is running out of steam. In addition to the double top, GBP/JPY is also forming a series of lower highs, which reflects an increase in selling pressure. This sequence of lower highs implies that buyers are struggling to maintain the price at elevated levels, allowing sellers to gradually take control. Such patterns often indicate that the market’s sentiment is shifting, with sellers gaining confidence while buyers lose momentum. ### Potential Bearish Continuation and Support Zone Target If GBP/JPY breaks down from the triangle pattern and exits the channel, the bearish momentum could accelerate significantly. The key support zone around 195.570 stands out as a potential target for this move. This level has historical significance, serving as a support in previous downtrends, and could act as a point of interest for buyers once again. However, if the selling pressure remains strong, GBP/JPY may even extend beyond this zone, leading to a deeper correction. ### Summary In summary, GBP/JPY is at a critical inflection point, with bearish patterns accumulating across multiple timeframes. The triangle pattern within the channel, coupled with the double top and lower highs on the daily chart, suggests that downside risks are mounting. A confirmed break below the lower channel boundary could trigger a strong bearish continuation, with the initial target around the 195.570 support zone. As the price approaches this crucial support, it will be essential to monitor for signs of renewed buying interest or potential further declines.
Short
by lonelyPlayer0
6
GBPJPYHello Traders, Here’s my analysis for this currency pair. Feel free to leave any questions or comments below. Note: The entry will only be considered once the conditions align with your strategy. I recommend adding this pair to your watchlist and monitoring it closely for potential opportunities. Pro Tip: One of the best ways to improve your trading skills is by learning from others. Whether it’s market analysis or trade setups, studying different ideas will not only help strengthen your skills but also refine your strategies. Good luck and happy trading!
Short
by PerryD_FX
GBPJPY Sellers In Panic! BUY! My dear subscribers, GBPJPY looks like it will make a good move, and here are the details: The market is trading on 195.83 pivot level. Bias - Bullish My Stop Loss - 194.63 Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation. Target - 197.81 About Used Indicators: The average true range (ATR) plays an important role in 'Supertrend' as the indicator uses ATR to calculate its value. The ATR indicator signals the degree of price volatility. ——————————— WISH YOU ALL LUCK
Long
by AnabelSignals
1