Structure: Symmetrical Triangle inside Bullish Channel
Analysis:
GBPJPY is currently compressing within a symmetrical triangle formation after a strong bullish rally. Price has pulled back and is respecting the ascending channel and trendline support around 193.900. MACD is flattening, suggesting potential build-up before the next push.
We are watching for a bullish breakout of the triangle, with confirmation via a strong candle close above 194.200 and EMA cross to the upside.
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Trade Plan:
Entry:
Above 194.200 on strong bullish breakout candle (23min or 1H confirmation)
Stop Loss:
193.700 (below triangle structure and trendline support)
Take Profit Targets:
• TP1: 194.667 (recent high + trendline intersection)
• TP2: 195.000 (psychological resistance + channel top)
• TP3: 195.500 (extension play if momentum builds)
Risk/Reward: Approx. 1:2 to 1:3 depending on entry execution
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Confirmation Factors:
• Triangle consolidation nearing breakout point
• Bullish channel still intact
• MACD showing flattening / crossover setup
• Price respecting 50/144 EMA zones
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Invalidation:
If price breaks below 193.700 and fails to hold the ascending structure, bullish bias is off the table for now.
Analysis:
GBPJPY is currently compressing within a symmetrical triangle formation after a strong bullish rally. Price has pulled back and is respecting the ascending channel and trendline support around 193.900. MACD is flattening, suggesting potential build-up before the next push.
We are watching for a bullish breakout of the triangle, with confirmation via a strong candle close above 194.200 and EMA cross to the upside.
⸻
Trade Plan:
Entry:
Above 194.200 on strong bullish breakout candle (23min or 1H confirmation)
Stop Loss:
193.700 (below triangle structure and trendline support)
Take Profit Targets:
• TP1: 194.667 (recent high + trendline intersection)
• TP2: 195.000 (psychological resistance + channel top)
• TP3: 195.500 (extension play if momentum builds)
Risk/Reward: Approx. 1:2 to 1:3 depending on entry execution
⸻
Confirmation Factors:
• Triangle consolidation nearing breakout point
• Bullish channel still intact
• MACD showing flattening / crossover setup
• Price respecting 50/144 EMA zones
⸻
Invalidation:
If price breaks below 193.700 and fails to hold the ascending structure, bullish bias is off the table for now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.