GBPJPY _ BullishWe’re bullish on GBPJPY as the pair continues to demonstrate strong upward momentum supported by technical and fundamental factors.
Entry Level: 191.000
This level serves as a key zone of confluence, indicating a potential shift in market sentiment. It aligns with previous support, offering a favorable risk-reward entry point for buyers.
Target: 198.500
Our target range is strategically positioned at 198.500, reflecting the potential completion of the ongoing bullish trend. This level is backed by historical resistance, a Fibonacci extension zone, and other key technical indicators suggesting a probable reversal zone.
Analysis Overview:
Trend: The pair remains in a strong uptrend, supported by a bullish market structure on higher timeframes.
Support & Resistance: The 191.000 level represents a significant support zone, with 198.500 being a critical resistance level to watch.
Fundamentals: Favorable conditions in the GBP and JPY economies further reinforce the bullish outlook, including risk-on sentiment driving JPY weakness.
Technical Indicators: Momentum indicators, such as RSI and MACD, confirm bullish divergence, adding strength to this setup.
Risk Management:
As with all trades, proper risk management is key. A stop-loss is recommended below the 189.500 level to mitigate potential risks if the market moves against our analysis.
Disclaimer: This is not financial advice. Ensure you conduct your own analysis and consider market risks before entering a position.
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