The price movement of the British Pound (GBP) against the Japanese Yen (JPY) over a specific period, utilizing a 2-hour time frame. The chart is annotated with various technical analysis tools and indicators.
Key Features and Indicators:
1. Trend Lines: Two trend lines are drawn on the chart, indicating an upward trend within a defined channel. The upper trend line connects the highs, while the lower trend line connects the lows.
2. Resistance Level: A horizontal blue bar marks a significant resistance level around 195.000. This level has been tested multiple times and has acted as a barrier to further price increases.
3. Price Action: The price has been moving within the defined channel, with recent action showing a potential breakdown below the lower trend line, as indicated by a green arrow pointing downwards.
4. Indicators: Although not explicitly labeled, the chart includes indicators at the bottom, which appear to be an oscillator ( possibly RSI or Stochastic Oscillator), helping to gauge the momentum and potential overbought or oversold conditions.
Analysis and Target:
- The chart suggests that the GBP/JPY pair has been in an uptrend but is currently facing resistance at the 195.000 level.
- The recent price action indicates a potential reversal or correction, with the price breaking below the lower trend line of the channel.
- If the price continues to move downwards, a potential target could be the next significant support level below the current price. However, without more context or specific support levels marked on the chart, it's challenging to determine an exact target.
- Traders might consider this chart for potential short-selling opportunities, given the breakdown below the trend line and the presence of resistance at 195.000. However, any trading decision should be based on a comprehensive analysis, including risk management strategies.
In summary, the chart illustrates the GBP/JPY currency pair's price movement on a 2-hour time frame, highlighting key technical analysis elements such as trend lines, resistance levels, and potential breakdowns. The analysis suggests a potential downward movement.
Trade setup:
Sell entry; 195.700
Target; 193.600
Stop loss; 196.100
Use proper risk management.
That’s all about I analysis. What you think about “GBP/JPY”, write in comment below.
Key Features and Indicators:
1. Trend Lines: Two trend lines are drawn on the chart, indicating an upward trend within a defined channel. The upper trend line connects the highs, while the lower trend line connects the lows.
2. Resistance Level: A horizontal blue bar marks a significant resistance level around 195.000. This level has been tested multiple times and has acted as a barrier to further price increases.
3. Price Action: The price has been moving within the defined channel, with recent action showing a potential breakdown below the lower trend line, as indicated by a green arrow pointing downwards.
4. Indicators: Although not explicitly labeled, the chart includes indicators at the bottom, which appear to be an oscillator ( possibly RSI or Stochastic Oscillator), helping to gauge the momentum and potential overbought or oversold conditions.
Analysis and Target:
- The chart suggests that the GBP/JPY pair has been in an uptrend but is currently facing resistance at the 195.000 level.
- The recent price action indicates a potential reversal or correction, with the price breaking below the lower trend line of the channel.
- If the price continues to move downwards, a potential target could be the next significant support level below the current price. However, without more context or specific support levels marked on the chart, it's challenging to determine an exact target.
- Traders might consider this chart for potential short-selling opportunities, given the breakdown below the trend line and the presence of resistance at 195.000. However, any trading decision should be based on a comprehensive analysis, including risk management strategies.
In summary, the chart illustrates the GBP/JPY currency pair's price movement on a 2-hour time frame, highlighting key technical analysis elements such as trend lines, resistance levels, and potential breakdowns. The analysis suggests a potential downward movement.
Trade setup:
Sell entry; 195.700
Target; 193.600
Stop loss; 196.100
Use proper risk management.
That’s all about I analysis. What you think about “GBP/JPY”, write in comment below.
Trade active
kindly like to supportTrade closed: target reached
thanks
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.