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JAPANESE YEN / BRITISH POUND

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JPYGBP trade ideas

GBPJPY Technical Outlook - 1-Hour Chart AnalysisKey Analysis and Components: Elliott Wave Structure: The wave count shows an ongoing impulse wave (iii), which peaked near the 190.95 level. Following the peak, a corrective pattern (ABC) has developed. The chart indicates that the current correction may evolve into a larger wave 4 structure, implying that the pair has room to the downside before completing the wave cycle. Wave 5 is expected to follow after the corrective structure finalizes, likely leading to a new upward move unless invalidation occurs at key resistance levels. Sell-Side Wave 4 Projection: The chart marks the start of a potential Sell Side Wave 4 from the W Open line (week's open), further supporting the corrective nature of the current price action. A retracement level of 0.786 Fibonacci (approximately 185.609) has been highlighted as a key support level to watch during this correction. Key Resistance and Invalidation Levels: Key resistance levels are marked at 192.776, which also serves as an invalidation level for the current wave count. If prices move beyond this zone, the present wave count may no longer hold, and a new wave analysis will be necessary. The 1W Close zone around the 192.383 level aligns with the potential end of wave 5, marking an important area for traders to watch. Bullish Order Block: Below the current market structure lies a Bullish Order Block, defined around 184.900-185.500. If prices reach this zone during the correction, a potential reversal to the upside could occur as buyers step in. Volume and Market Profile: The POC (Point of Control), or the highest volume area on the chart, rests near 185.609, coinciding with key Fibonacci levels. This suggests strong support and interest in this area, where a major move could be initiated. Potential Bearish Scenario: The chart outlines a projected bearish scenario if the correction extends further, with possible moves targeting the 189.636 and 185.609 levels. Should prices break below this support zone, it may trigger further selling pressure towards the Bullish Order Block and beyond. The outlined ABC corrective waves support this view, suggesting continued bearish momentum before a potential bottom is formed. Conclusion: The GBPJPY pair is currently in a corrective wave structure following a significant bullish run. The wave count suggests the pair is within Wave 4, which could see prices decline toward the 185.609 support level. Traders should watch for signs of reversal near this zone, as the pair may enter Wave 5 afterward. Invalidation of this analysis occurs if prices break above the 192.776 level. Monitoring volume and key support levels will be crucial in the coming sessions.
Short
by spacedevil
1
BEARISH SENTIMENT ON GBPJPY So I personally don’t use to trade GJ but lately I’ve understood so well that i am more of a trending market structure trader as my strategy implies me to. So i went in deep search of trending market pairs of which i just found out very well that GJ is a good bearish trending pair if analyzed properly from the monthly timeframe which happens to be my highest timeframe and I prefer watching the major market structure from monthly down to 4hr before knowing how to approach an asset. Now looking at GJ on monthly timeframe i spotted a very nice bearish structure which to me has already started selling off a nice Supply zone on the monthly. I did a breakdown to this daily timeframe and found out that on the daily there is also this bearish market structure shift as my analysis here shows. So whenever price reaches the supply zone labeled above i will be looking for lower timeframe shift also to bearish structure and getting in on the sell to break lower as much as possible. My confluences for the bearish structure are backed by 1) market structure(ChoCh), 2) Supply, 3) Imbalances, 4) Liquidity(Entry & Exit). Will patiently wait for lower timeframe bearish ChoCh as my confirmation entry to join the sells if it respects that Supply zone. First TP target will be at 180.000 price level and below. Note: the market is all about probabilities which also makes my analysis a probability.
Short
by MeekBosslife
GBP/JPY Potential Short Potential short in the making, recently we got a push back up from the daily low and now we're at the high. I marked these daily levels as zones based off wick and candle close averages. The 2 zones marked off are the most relevant since we can clearing see structure formed. All we need now is to see that transition in trend from up to down on the 4hr or 1hr , favorably the 4hr chart. Wait for the higher low to be broken from the upside trend and execute position on the first lower high to the downside. Heikin-ashi candles can help if things are getting choppy. Stops above daily resistance zone and target the daily support zone. Educational purposes only. Cheers! -Michael M.
Short
by Mr_Mayy_
GBP/JPY Trade Setup (1H Timeframe)Watching the GBP/JPY pair closely for a potential short setup. Price is approaching a critical area near the ascending trendline, and I'm anticipating a potential breakdown from this level. Plan: Wait for a break and retest of the trendline around 190.546 for confirmation before entering short. Entry: 190.546 (on the retest after a confirmed break) Stop Loss: 192.446 (above recent highs, -189 pips) Take Profit 1: 189.008 (+153 pips) Take Profit 2: 186.976 (+357 pips) Take Profit 3: 183.771 (+678 pips) I will wait for confirmation and enter on the retest. If TP1 is hit, the stop loss will be moved to break even to secure profits.
Short
by PipShiesty
GBP/JPY Approaches Monthly HighGBP/JPY approaches the monthly high (193.48) as it extends the series of higher highs and lows from last week. GBP/JPY Outlook The recent recovery in GBP/JPY has pushes the Relative Strength Index (RSI) to its highest level since July, and a break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region opening up the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) area. However, GBP/JPY may mirror the price action from earlier this month and trade within a defined range if it fails to break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region. In turn, GBP/JPY may negate the bullish price series if it struggles to hold above 189.00 (38.2% Fibonacci extension), with a move below 186.60 (50% Fibonacci extension) bringing the monthly low (183.72) on the radar. --- Written by David Song, Strategist at FOREX.com
by FOREXcom
GBPJPY Sell PositionTrade Journal Entry USDCAD Sell Time Frame: - Daily (FVG Identification) - 4-hour (Entry Signal) --- 1. Trend Confirmation: Identified a Change of Character (COC) on GBPJPY by breaking the previous low at 191.40 indicating a bearish reversal in market sentiment. 2. Fair Value Gap (FVG): On the daily chart, noted a Fair Value Gap between 193.30 and 195.85. This gap is a potential reversal zone where the price has revisited, providing a trading opportunity for sell position. 3. Entry Signal On the 4-hour chart, an engulfing bearish candle formed after touching the identified FVG zone. This pattern aligns with the bearish trend and indicates a potential continuation of the downtrend. 4. Trade Execution Entry Price: 192.30 SL1: 196.20 (above FVG high) SL2: 193.60 (above last swing high) TP1: 180.15 (low Aug 2024) TP2: 162.80 (1.618 Fibonacci) Risk-Reward Ratio (RRR): 1:3 - 1:21 Monitoring: Check-in daily at 8 AM & 8 PM 5. Outcome: Exit Price: Profit/Loss: pips Summary: The trade is based on a bearish trend confirmed by the break of the previous low, supported by the bearish engulfing pattern within the daily FVG. --- Linarto Wijaya
Short
by Phoenix-Rise-Trade
GBPJPY Short - Lower High (LH), Lower Low (LL) Formation with RSSpotted a Short opportunity on GBP/JPY as the pair forms a Lower High (LH) and Lower Low (LL) pattern. RSI indicates resistance, confirming the bearish momentum. Entry Point: 189.96 Target Price: 187.00 Stop Loss: 192.39 Risk/Reward Ratio: 0.15 Account Size: $10,000 This setup capitalizes on a weakening trend after price rejection at resistance, with a tight risk management strategy in place. Monitoring for a potential breakdown towards target levels.
Short
by nilambano3
GBP/JPY: Distribution Phase Signals Imminent Bearish ReversalWyckoff Distribution in Play The chart is clearly in a Wyckoff distribution phase, a critical indicator of a potential market top. After the initial Preliminary Supply (PSY), we saw a sharp Buying Climax (BC), where buying pressure peaked. This was followed by an Automatic Reaction (AR) and a series of lower highs and lower lows. The Sign of Weakness (SOW) in Phase B further confirmed weakening momentum. As we move through Phase C, the Last Point of Supply (LPSY) emerges, signaling the final efforts by institutional players to distribute their holdings before the downtrend accelerates. The current market is consolidating within this final distribution phase, setting up for a potential sharp drop. Elliott Wave Structure Confirms Downside An Elliott Wave pattern provides additional confirmation. A completed 5-wave impulsive structure to the upside is visible, culminating near the top at Wave (Z). The market is now in the midst of a corrective wave, marked by (A), (B), and (C) formations. Divergence on the momentum oscillator further validates the weakening bullish trend, with prices rising while momentum falls, a classic signal of an impending reversal. Wave (i) of the next bearish impulse appears underway, with waves (ii) and (iii) set to follow, pushing prices lower. Harmonic and ICT Confluence Fibonacci retracement levels (notably 0.786 and 0.866) converge near the current highs, indicating a critical reversal zone around 191.391 to 192.173. This aligns with key ICT (Inner Circle Trader) concepts like Optimal Trade Entry (OTE), reinforcing the idea that the market is in a premium zone, ripe for short positions. The chart also emphasizes a strong Break of Structure (BOS) in Phase B, marking a significant shift in market dynamics. Institutional traders are likely targeting liquidity below, especially with a Point of Control (POC) around 185.825, where high-volume trading previously occurred. Key Levels to Watch Current High (Wave (Z)): 192.303 acts as a major resistance and invalidation point for further upside. Support Line (AR Distribution): 189.052 serves as an intermediate target, with significant support below at 185.825, where the 1W close and POC are located. Equilibrium Zone: Sitting near 189.064, this midpoint between the recent highs and lows offers a key battleground for bulls and bears. Bearish Outlook Ahead As the market completes its Wyckoff distribution and Elliott Wave correction, the probability of a continued decline grows. Momentum divergence, along with the confluence of harmonic retracements and ICT methodologies, strongly suggests that the distribution phase will conclude with a move towards lower liquidity zones. Traders should watch for price to fall into the discount zone, with an immediate target of 185.825 and potentially lower in the coming sessions. With all technical signals pointing to a bearish reversal, this could be a critical moment for short-sellers to capitalize on the evolving market structure.
Short
by spacedevil
1