GBP/JPY has surged into a key resistance zone around 191.200, where price has previously reacted strongly. A rising wedge pattern and bearish rejection candle suggest a potential reversal is underway. I’ve entered a short position at 191.046, anticipating a drop back toward the 189.900 demand zone.
This setup offers a clean 1:3 risk-to-reward with confluence from structure, trendlines, and momentum shift.
Trade Details:
• Entry: 191.046
• Stop Loss: 191.445 (above resistance)
• Take Profit: 189.926 (previous demand/support zone)
• Bias: Bearish reversal
• Timeframe: 30m
Let’s see if the bears take control!
This setup offers a clean 1:3 risk-to-reward with confluence from structure, trendlines, and momentum shift.
Trade Details:
• Entry: 191.046
• Stop Loss: 191.445 (above resistance)
• Take Profit: 189.926 (previous demand/support zone)
• Bias: Bearish reversal
• Timeframe: 30m
Let’s see if the bears take control!
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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.