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JAPANESE YEN / BRITISH POUND

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JPYGBP trade ideas

GBPJPY - In Bullish TrendHi Followers, 1st of all, sorry for posting an analysis after a break because I was testing one strategy and taking trades on that. So, this pair fundamentally is in BUY position with BXY bullish and JXY bearish. On 1D time frame the trend is bullish but in 4H and 1H it is making a continuation pattern of Cup and Handle. At the moment the cup is not complete and the projections of the handle is drawn. I have taken an entry on the basis of Dow theory. The chart is in the resistance zone which I have marked with a rectangle (Red border and purple filling). The top level of the zone is a weak resistance area which can be seen that it wasn't tested much and pierced through in the past. This is quite possible that the cup will break and it will hit the TP. The Signal is: EP: Yellow line SL: Red line TP: Green line
Long
by MuhammadArif039
GBP/JPY (4H and 1D timeframes)Wyckoff Phases & Accumulation PS (Preliminary Support), SC (Selling Climax), AR (Automatic Rally), and ST (Secondary Test) are part of the Wyckoff Accumulation phase on the daily chart (left side), indicating a potential bottoming process around 180.00. Phase A through Phase B reflects the early stages of accumulation, with the current action moving towards a possible Markup Phase if price can break resistance. Elliott Wave Structure The large downtrend from 208.117 appears to be an impulse wave (1)-(5), completing a bearish structure. On both timeframes, the corrective waves (A)-(B)-(C) are visible, indicating retracement to higher levels but with Wave (5) possibly extending lower after the current correction. On the 4H chart (right side), Wave (2) appears to be complete near 190.65, and Wave (3) is anticipated to push prices lower. Key Levels and Fibonacci Retracements The 0.618 Fibonacci retracement at 189.471 and 1.236 extension at 190.519 are crucial levels for resistance, suggesting potential reversal zones for short trades. Price is testing the resistance line of the AR accumulation at 192.008, where further rejection is possible. Market Structure and Support/Resistance The support line at 180.065 marks a critical area of interest for buyers. If prices break below, it could indicate the continuation of the bearish trend. The current weak high noted at 192.008 suggests that bulls are struggling to maintain upward momentum, making it a likely area for reversal if prices fail to break higher. Volume Profile and Harmonic Patterns The harmonic pattern identified on both charts indicates potential price reactions, especially around the 189.471 and 190.519 levels. The Volume Profile shows a concentration of traded volume near 185-188, marking this range as a zone of heavy consolidation and market interest. Conclusion The chart suggests a bearish continuation for GBP/JPY, with key resistance levels at 190.65 and 192.008. If price fails to break above these areas, further downside towards the 180.065 support zone is expected. This is aligned with the Wyckoff Accumulation phase and the anticipated completion of Wave C in the Elliott Wave count.
Short
by spacedevil