Price action on GBPJPY is currently respecting a key demand zone around 190.00. After a strong bullish impulse and a corrective pullback, the pair is now showing signs of continuation.
The volume profile shows significant accumulation below, supporting the idea of a strong base for further upside movement.
Additionally, the latest Commitments of Traders (COT) report indicates an increase in long positions and a reduction in shorts among noncommercial traders, suggesting a bullish sentiment in GBP.
Plan:
• Watching for continued bullish momentum above 190.00–190.50.
• Targeting a breakout towards 193.00 and above.
• Invalidation if price closes significantly below the 190.00 zone.
Key Points:
• Strong demand zone holding.
• Bullish COT data.
• Higher highs and higher lows structure.
Risk Management:
• Stop loss below the demand zone.
• Partial profits along the way.
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.