My humble noob prediction for GBP/JPY
Hai and good night from here
Key Elements:
1. Fibonacci Retracement Levels:
The 0.618 Fibonacci level at around 191.199 appears to have acted as a strong support level where price bounced back up.
The next notable Fibonacci extension seems to be around 203, indicating a potential future target based on this retracement pattern.
2. Green Zone (Resistance):
The green zone between approximately 197 and 198 could represent a significant resistance area. If the price moves into this zone, it might face selling pressure.
3. Arrows (Forecasted Movement):
The first arrow (pointing upward) suggests the possibility of a short-term rally into the green resistance zone.
The second, shorter arrow pointing downward suggests a potential retracement or pullback from the resistance before moving higher.
4. EMA 50:
The Exponential Moving Average (EMA) 50 could be acting as dynamic support. If price stays above the EMA, it could further confirm a bullish trend.
Potential Scenarios:
Bullish Scenario: If the price manages to break through the green resistance zone convincingly, the next potential target based on Fibonacci extensions would be around 200-203.
Bearish Scenario: If the price fails to break the resistance and falls back, it could retest lower levels like the 0.618 Fibonacci (191.199) or even the 0.5 Fibonacci level near 190.000.
Strategy Consideration:
Aggressive Entry: If you believe the price will break into the green zone, a buy position with a tight stop loss below the recent lows might be a strategy.
Conservative Approach: Waiting for a clear break above the resistance zone (198) before entering a buy position might reduce risk.
Key Elements:
1. Fibonacci Retracement Levels:
The 0.618 Fibonacci level at around 191.199 appears to have acted as a strong support level where price bounced back up.
The next notable Fibonacci extension seems to be around 203, indicating a potential future target based on this retracement pattern.
2. Green Zone (Resistance):
The green zone between approximately 197 and 198 could represent a significant resistance area. If the price moves into this zone, it might face selling pressure.
3. Arrows (Forecasted Movement):
The first arrow (pointing upward) suggests the possibility of a short-term rally into the green resistance zone.
The second, shorter arrow pointing downward suggests a potential retracement or pullback from the resistance before moving higher.
4. EMA 50:
The Exponential Moving Average (EMA) 50 could be acting as dynamic support. If price stays above the EMA, it could further confirm a bullish trend.
Potential Scenarios:
Bullish Scenario: If the price manages to break through the green resistance zone convincingly, the next potential target based on Fibonacci extensions would be around 200-203.
Bearish Scenario: If the price fails to break the resistance and falls back, it could retest lower levels like the 0.618 Fibonacci (191.199) or even the 0.5 Fibonacci level near 190.000.
Strategy Consideration:
Aggressive Entry: If you believe the price will break into the green zone, a buy position with a tight stop loss below the recent lows might be a strategy.
Conservative Approach: Waiting for a clear break above the resistance zone (198) before entering a buy position might reduce risk.
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.