GBPJPY ANALYSIS IS READY TO DOWN MUST READ THE CAPTION BELOW
The chart provided shows the GBP/JPY (British Pound/Japanese Yen) trading pair on a 4-hour timeframe. Here’s the description and analysis based on the visual elements of the chart:
1. Resistance Level:
The red horizontal line around 199.522 indicates a strong resistance level. Price has attempted to break this level multiple times but failed, signaling a potential reversal area.
2. Support Levels:
The yellow horizontal lines at 193.975 and 191.522 are key support levels where the price may potentially bounce back after a downtrend.
3. Target Zone:
The blue-shaded area labeled Target Zone near 191.522 shows a predicted potential price target for the next bearish movement.
4. Cup and Handle Pattern:
A cup-shaped formation is visible on the chart, suggesting a bullish pattern, but the subsequent handle appears to indicate potential bearish consolidation or a rejection at the resistance.
5. Bearish Reversal Expectations:
The white arrows indicate anticipated bearish moves from the resistance zone (199.522) toward the support levels and eventually into the target zone.
6. Trend Lines:
Blue diagonal trendlines show the earlier bullish trend, but the formation of red arrows hints at a possible trend reversal into bearish territory.
Summary:
The GBP/JPY pair is currently testing the resistance at 199.522. If it fails to break this level, a downward movement is likely toward the support levels 193.975 and 191.522, with a bearish target around the 191.522 zone. Traders should watch for rejection at resistance and confirm bearish momentum before entering a sell position.
1. Resistance Level:
The red horizontal line around 199.522 indicates a strong resistance level. Price has attempted to break this level multiple times but failed, signaling a potential reversal area.
2. Support Levels:
The yellow horizontal lines at 193.975 and 191.522 are key support levels where the price may potentially bounce back after a downtrend.
3. Target Zone:
The blue-shaded area labeled Target Zone near 191.522 shows a predicted potential price target for the next bearish movement.
4. Cup and Handle Pattern:
A cup-shaped formation is visible on the chart, suggesting a bullish pattern, but the subsequent handle appears to indicate potential bearish consolidation or a rejection at the resistance.
5. Bearish Reversal Expectations:
The white arrows indicate anticipated bearish moves from the resistance zone (199.522) toward the support levels and eventually into the target zone.
6. Trend Lines:
Blue diagonal trendlines show the earlier bullish trend, but the formation of red arrows hints at a possible trend reversal into bearish territory.
Summary:
The GBP/JPY pair is currently testing the resistance at 199.522. If it fails to break this level, a downward movement is likely toward the support levels 193.975 and 191.522, with a bearish target around the 191.522 zone. Traders should watch for rejection at resistance and confirm bearish momentum before entering a sell position.
Trade active
Note
Still bearishNote
Target one reached 
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.