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GBP/JPY

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GBPJPY.1000.CFD trade ideas

GBP/JPY plan for the upcoming week Weekly Overview Market Structure & Key Levels: The chart displays a potential Bullish Order Block formation with a strong focus on the 196.70 - 197.00 level. This level acts as a primary area of interest due to significant market reactions and serves as the Point of Control (POC) for the upcoming week. A Break of Structure (BOS) has occurred, indicating a potential shift from a bearish to a bullish trend. This BOS acts as confirmation of a reversal if we see sustained buying pressure above these levels. Harmonic Patterns: The harmonic pattern highlighted around the previous highs signals a potential exhaustion point. This pattern confirms that sellers may encounter resistance if price reaches levels above 199.00. Weekly Wave Analysis: The Elliott Wave count suggests a completion of Wave 3 with the potential for a Wave 4 retracement towards the 197.00 - 197.50 range. If this retracement holds, we may see a bullish continuation to complete Wave 5. Projected Price Movements: Monday (M): A probable continuation of the retracement from previous highs, aiming for a correction towards the support zone around 197.00. Tuesday (T): Expecting consolidation and a potential test of the 0.236 Fibonacci level around 196.70. Any price action below this level may invalidate the bullish scenario. Wednesday (W): Possible bounce and start of an upward move if the correction holds, targeting 198.00. Thursday (T): Bullish momentum could push GBP/JPY towards 198.60 - 199.00 if previous days’ levels hold. This level marks a critical resistance. Friday (F): Anticipated end of the upward move and potential profit-taking. Resistance around 199.40 could act as the week’s high if buyers lose strength. Risk Management: A good stop-loss strategy would involve setting stops below 196.70 for buy positions on lower timeframes. Monitoring volume profiles and price rejections around these key levels will be crucial for managing entries and exits effectively. Summary The week’s outlook for GBP/JPY involves a probable retracement early in the week, followed by a bullish wave continuation toward 198.60 - 199.40 by week’s end, provided key support levels hold. Keep an eye on major economic events and fundamentals that could impact JPY strength, as they could influence GBP/JPY movements in the anticipated ranges.
Long
by spacedevil
1
GBP/JPY ANALYSIS AND THOUGHTSGBP/JPY 15M - This is another pair I have taken some interest in based on the structure its putting out and how its been playing out over the course of the past few days, you will see I have gone ahead and marked out some areas in price. Price traded into a Supply Zone originally which led price to then break structure to the downside here on the higher timeframes, I have gone ahead and marked that out for you. What we are seeing now is price correcting itself. Price is currently trading back up to set a new Lower High in what I think is going to be new bearish structure. I have marked out an area of relevance I feel price may trade up and into before trading us lower in the market. In order for us to deem a valid entry we want to see price trade up, reject well from the zone breaking structure before pulling back initially and continuing to trade us lower in the market.
Short
by Lukegforex
GbpJpyExploring the GBP/JPY pair, a popular currency combination known for its volatility and responsiveness to global economic events. This pair typically reflects broader economic trends between the UK and Japan, influenced by factors like interest rate changes, geopolitical developments, and economic data releases. I analyze GBP/JPY through a blend of technical and fundamental analysis, considering recent policy adjustments from the Bank of England and the Bank of Japan. My approach highlights key support and resistance levels, potential trade setups, and the impact of risk sentiment on price movements, aiming to capture profitable opportunities while managing risk effectively
Short
by RubenK99
1
#GBPJPY 4HGBPJPY 4-Hour Analysis The GBPJPY pair has formed a bearish engulfing pattern on the 4-hour chart, signaling a potential reversal and indicating selling pressure in the market. This bearish engulfing area suggests that sellers are gaining control, creating an opportunity for a sell entry. Technical Outlook: - Pattern: Bearish Engulfing Area - Forecast: Bearish (Sell Opportunity) - Entry Strategy: Sell near the bearish engulfing area Traders may consider entering a sell position around the bearish engulfing pattern, targeting lower support levels. Confirming indicators such as RSI showing overbought conditions or MACD reflecting bearish momentum can strengthen the signal, making this a more reliable setup for a short trade.
Short
by PIPSFIGHTER
GBP/JPY Market Analysis for Sunday Night OpenThe GBP/JPY chart shows a recent downtrend followed by a recovery as the price approaches a key resistance zone around 197.90 - 198.00. We can observe some consolidation and a potential reversal pattern, with the price creating higher lows, suggesting possible bullish momentum. Resistance Zone (197.90 - 198.00): This area has acted as strong resistance recently, and a clear break above could signal continued bullish momentum. If the price breaks and holds above this level, we could see a rally toward higher resistance around 198.20 - 198.50. Support Levels: Immediate support is around 197.50, and if the price fails to break above resistance, we may see a pullback toward this level. A breakdown below this support could lead the price to test the lower zones at 197.20 and 197.00. Potential Price Action Scenarios: Bullish Scenario: A breakout above 198.00 would confirm a bullish continuation, aiming for 198.20 - 198.50. Bearish Scenario: If sellers take control and the price falls below 197.50, we may see a retest of support levels near 197.20 - 197.00. Indicators: The MACD is currently positive, showing signs of bullish momentum, but it's essential to watch for any divergence or a possible crossover, which might signal a weakening in buying pressure. Summary: For the open, I’ll be watching how the price reacts around the 197.90 - 198.00 resistance zone. A strong breakout would favor long positions, while rejection around this area or a break below 197.50 could open opportunities for shorts targeting the lower support levels.
Long
by AEL_Education
GBPJPY top-down analysis it is a bullish move but!!!!Major Perspective is on an upward movement So from the 1M first is on an upward movement and is that the major reversal to a point 179.335 then head back up. So, I also from the weekly time frame that I saw that is might probably have a liquidation sweep and head back down to 170.000 area But probably still go up then come down but I just really feel to be a liquidation sweep from the 4 hours we saw that it has gone to a level around an order block and probably come down and from the 1 hour it's making a downward movement kind of!!!!, it is looking juicy for a day trading.
Long
by JoshZedFX
GBP/JPY Outlook (21 October 2024): Key Price Levels. Harmonic Pattern Structure The chart seems to display a Gartley harmonic pattern. This can be seen through the labeled points X, A, B, C, D, which denote a classic five-point pattern used to predict potential reversals. The retracement levels (like 0.618 and 0.786) shown between these points suggest that price action is expected to respect key Fibonacci ratios. For example, point D typically marks the reversal zone in harmonic patterns, where a trend reversal is expected after a harmonic completion. Breakdown of the Pattern: X to A: This appears to be the initial impulse move down. A to B: The corrective upward move which retraces about 0.586 of XA. B to C: A downward move that retraces part of AB (point C aligns with a strong price level). C to D: An expected upward move towards D, likely completing the harmonic formation. The completion of point D often indicates a potential reversal or new trend, and the trader would expect bearish movement from D. 2. Market Structure and Break of Structure (BOS) There is an internal BOS (Break of Structure) marked on the chart, signifying a potential shift in market dynamics. This is a key signal in market structure analysis, suggesting that the price has broken a previous high or low (in this case, a high), indicating a trend change. This BOS internal (H) indicates that the market might have switched to a bullish phase. 3. Volume Profile and Point of Control (POC) Volume profile analysis appears on the chart, showing where the majority of trading volume has occurred. The POC (Point of Control) at the 194.191 level indicates that this price level has attracted the highest traded volume in the past sessions. The volume profile helps traders understand where price is likely to consolidate or reverse based on historical trading activity. 4. Projected Elliott Wave Count The chart also uses Elliott Wave Theory principles, particularly to project the ongoing and upcoming price waves. The wave count suggests that the current price action might be in the midst of Wave 2 of a larger bullish impulse. After the completion of Wave 2, Wave 3 (which is often the strongest and most impulsive wave) is expected to begin. The invalidity level for the Elliott Wave structure is marked at 192.462. This means if price drops below this level, the current wave count becomes invalid, and a reassessment is needed. 5. Fibonacci Retracement Levels Fibonacci retracements are marked to assess potential retracement levels, notably 0.618 and 0.786. These levels are typically considered areas where price could retrace before continuing in the direction of the main trend. Currently, Wave A is seen retracing to 0.618 at 194.587, and further potential retracement could be to 0.786 at 194.191 before an upward move. 6. Weekly Expectation and Timing (Monday to Friday Overview) The red vertical lines indicate the transition between trading days from Monday to Friday, with key expectations for the week ahead: A bullish start is projected early in the week (Monday-Tuesday), with potential completion of Wave D around midweek. A corrective structure or internal pullback is expected around Wednesday. A new bullish leg is anticipated towards the end of the week (Thursday-Friday) to close the week on a higher note, according to the chart's projected path. The visualized market structure suggests a corrective move down on Tuesday (T) towards the 0.786 Fibonacci retracement level, after which a bullish movement is anticipated to begin as the next leg up (potentially a continuation of Wave 3). The weekly close (denoted as W CLOSE) is expected to be higher than current levels. 7. Key Support and Resistance Levels 195.270 is highlighted as a potential short-term resistance level, while 194.191 acts as a significant support level. This confluence of technical indicators shows potential areas where price might find resistance (on the upside) and support (on the downside). The higher resistance zone is shown near 196.043, where a current weak high might result in further resistance as price tries to break above. 8. Summary of Market Outlook Short-term (Early Week): Bearish retracement from the current price level towards 0.786 Fibonacci level, signaling the end of a corrective phase (C wave). Mid-to-Late Week: Bullish continuation expected following the pullback, forming a new upward leg likely to complete Wave 3 in the Elliott Wave structure. End-of-Week Close: Potential bullish close above 195.270, possibly challenging the 196.043 level before a pullback.
Long
by spacedevil
2