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GBPJPY trade ideas

GBPJPY falliing resistance retest at 193.00 levelThe GBPJPY price action sentiment appears bearish, supported by the longer-term prevailing downtrend. The key trading level is at 193.00. An oversold rally from the current levels and a bearish rejection from the 193.00 level could target the downside support at 189.60 followed by 188.30 and 187.10 levels over the longer timeframe. Alternatively, a confirmed breakout above 193.00 resistance and a daily close above that level would negate the bearish outlook opening the way for further rallies higher and a retest of 194.12 resistance followed by 195.30 levels. This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
by TradeNation
GBPJPY - H1 Analysis & Key Levels📉 GBPJPY - H1 Analysis & Key Levels 🔴 Supply Zone: 193.00 - 193.21 🟢 Demand Zones: 190.80 - 190.90, 189.14 - 189.20, 187.50 - 187.60 📊 Possible Scenarios: 1️⃣ Bearish Rejection: If price rejects the 193.00 - 193.21 supply zone, further downside toward 190.80 - 190.90 or deeper levels is likely. 2️⃣ Break & Retest: A confirmed breakdown below 190.80 could indicate further bearish momentum toward 189.14 - 189.20 and lower. 💡 Trading Plan: ✅ Watch for rejection at 193.00 - 193.21 for potential short entries. ✅ Monitor 190.80 - 190.90 as a key level for intraday reactions. ✅ A confirmed break below 189.14 could signal further downside continuation toward 187.50 - 187.60. FXFOREVER GBPJPY ForexTrading SmartMoney PriceAction
Short
by FXFOREVER_87
GBPJPY an overviewSharing a recent trade on GBPJPY that highlights the effectiveness of support and resistance levels in trading. After analyzing the chart, I identified a strong support zone where price had previously reversed. I entered a buy position near this level, anticipating a bounce. The trade played out as expected, with price moving upward and hitting my target near a resistance zone. I closed the trade with a profit close to 96%. This example underscores the importance of: 1. **Identifying Key Levels**: Support and resistance zones are crucial for planning entries and exits. 2. **Patience and Timing**: Waiting for price to confirm at these levels increases the probability of success. 3. **Risk Management**: Always define your stop-loss and take-profit levels before entering a trade. Sharing this for educational purposes to help traders understand how price action and level-based strategies can be applied effectively. Let me know your thoughts! #TradingView #GBPJPY #SupportResistance #PriceAction #ForexTrading
by The_fx_GreyTrader