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GBPJPY trade ideas

GBP/JPY Bullish Reversal Setup with Inverted Head and Shoulders This 4-hour GBP/JPY chart illustrates an inverted head and shoulders pattern, a bullish reversal indicator. The left shoulder, head, and right shoulder are clearly marked, showing a potential bottoming formation. The neckline acts as resistance, with a "Buy Stop" placed just above it to confirm the breakout. A projected target of 196.318 is identified, aligning with the typical measured move from the pattern's neckline to the head. A stop-loss is set at 190.761 to manage risk in case of a reversal, ensuring a favorable risk-to-reward ratio. This setup suggests a potential upward move following a breakout above the neckline
Long
by jayshafiq2
GBPJPY - Long Supported by Fundamentals and TechnicalFundamental Analysis: Key indicators, including the LEI as well as endogenous and exogenous factors, show mixed to declining trends on a weekly basis. This points to a weakening outlook for GBP against JPY, reinforcing a bearish view on the pair Seasonality: Historically, GBPJPY tends to be bullish from the middle of the first week of December until the middle of the second week, suggesting a potential seasonal opportunity for long positions. COT Report: GBP has been at its lows for 13 and 26 weeks, while JPY remains neutral. The report highlights a buy bias for GBP and a sell bias for JPY, indicating potential opportunities favouring GBP. Additionally, flip data reveals a shift in market sentiment from bearish to bullish. Technical Analysis: GBPJPY has been in a downtrend, forming lower highs (LH) and lower lows (LL) on the 1H timeframe. Recently, it showed a bullish flag pattern, indicating a potential shift to an uptrend. The price has respected the bullish flag projection, bounced off its first rejection level, and formed a new higher low (HL). This sets up a potential long opportunity if the price breaks above the previous higher high and clears the first resistance. Conclusion: Consider going long on GBPJPY, as seasonal trends, the COT report, and technical indicators strongly favour GBP over JPY. Entry Price: 192.400 (Buy Stop) Stop Loss: 190.880 Take Profit: 193.9200
Long
by aakalu
GBPJPY NEXT MOVE (expecting a bullish move)(04-12-2024)Go through the analysis carefully, and do trade accordingly. Anup Bias (Mid term) Current price- 191.000 "if Price stay above 188.500, then next target is 192.500 and 195.00 and below that 185.000. -POSSIBILITY-1 Wait (as geopolitical situation are worsening ) -POSSIBILITY-2 Wait (as geopolitical situation are worsening) Best of luck Never risk 2% of principal to follow any position. Support us by liking and sharing the post.
by AnupZiddi
5
GBPJPY, possible outcomes?A quick outlook on GBPJPY . Potential opportunities. GBPJPY is currently trading at around 191.000 . We are looking at two possible outcomes on this pair. We are still in a downtrend on HTF (Higher Time Frames ). However if we start breaking above 191.500 we could see a reverse happening on the pair. Scenario 1: SELLS at the break of 190.400 . We broke 190.400. That would confirm sells and we could continue the downtrend and target previous lows sitting at around 188.000 flat. Scenario 2: BUYS at the break of 191.500 . We broke above 191.500 confirming the bullish flag we had on H1 and we could start reversing on GBPJPY . We would be targeting higher levels sitting at 192.500 and higher at 193.300 . Personal opition: The direction for now is unclear until we break our mentioned key levels. A safe sell trade could be taken at the break of 190.400. On the other hand a safe buy trade could be taken at the break of 191.500. We are more on the buy side at the time of writing this. Be patient and stay tuned for updates on this pair. KEY NOTES - GBPJPY is in a downtrend on HTF however it’s showing signs of a possible reverse. - Breaks above 191.500 would confirm buys. - Breaks below 190.400 would confirm the trend continuation and further sells. Happy trading! FxPocket
by FxPocket
Bullish bounce?GBP/JPY is falling towards the pivot which acts as an overlap support that lines up with the 50% Fibonacci retracement and could bounce to the pullback resistance. Pivot: 190.24 1st Support: 188.47 1st Resistance: 192.31 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
1
Pound-yen bounces from ¥188GBPJPY moved up after the latest test of ¥188 as it now appears unlikely that the Bank of England will cut rates this month although the Bank of Japan still seems to be on track to tighten policy in the near future. In a recent interview Andrew Bailey indicated that four cuts are likely next year; the difference in rates for pound-yen is unlikely to go below 3% until late 2025 or early 2026. The upward crossover of the slow stochastic in oversold might suggest a possibly ongoing bounce, but so far this hasn’t really been supported by volume. The main dynamic resistance in view now is the 100 SMA around ¥192.75. Looking further ahead, the 423.6% monthly Fibonacci extension around ¥200 is likely to be a very strong resistance above which the price is unlikely to break without a strong fundamental driver. ¥183.50 would probably still be an active support if the price continues lower after the current bounce. The key data coming up for pound-yen is British GDP on Thursday 12 December.
by Exness_Official
GJ Breakout trade, Asian sessionToday's trade was a GJ short, in the Asian session at approx 00:30. The Price broke out of the range I set up and took entry on Close with SL above the breakout candle. However, before entering trade, I knew it was more of a risky trade with a lower probability of winning. When you look left for the target, there are no clear targets to aim for. The first target was right near the entry, but also wicked down further into the 2nd target. As a result not allowing for a clean set up. As the trade could have easily reversed in the other direction which it did after a while. Prior to entering the target, I knew I had to watch it closely and be ready to exit the trade at any point, as it may wick down into target range, but also reverse back up, as when you look left that is what occurred as well. As a result, this trade did not hit my TP, but had to be managed and closed with profit earlier. Always have to remind yourself markets repeat themself, but can also be unpredictable, better to take a small profit and survive for the next day. This is for education purposes only, not financial advice.
by GurjotFX
Potential Reversal Buy SetupHi Traders! GJ made its way down to 188.000 and now I'm seeing a potential reversal to the upside on the 4HR TF. Price didn't break structure on the daily, so this could be a buy setup to previous Sell Stops at 194.000-195.000. I'm being patient right now and waiting for a retest around 190.500-190.200s for more confirmation. With that being said, Let's see what we get! 🤞 Entry: 190.500-190.200 TP: 194.000 *DISCLAIMER: I am not a financial advisor. The ideas and trades I take on my page are for educational and entertainment purposes only. I'm just showing you guys how I trade. Remember, trading of any kind involves risk. Your investments are solely your responsibility and not mine.*
by thattradergirl
Pound-yen bounces from ¥188GBPJPY moved up after the latest test of ¥188 as it now appears unlikely that the Bank of England will cut rates this month although the Bank of Japan still seems to be on track to tighten policy in the near future. In a recent interview Andrew Bailey indicated that four cuts are likely next year; the difference in rates for pound-yen is unlikely to go below 3% until late 2025 or early 2026. The upward crossover of the slow stochastic in oversold might suggest a possibly ongoing bounce, but so far this hasn’t really been supported by volume. The main dynamic resistance in view now is the 100 SMA around ¥192.75. Looking further ahead, the 423.6% monthly Fibonacci extension around ¥200 is likely to be a very strong resistance above which the price is unlikely to break without a strong fundamental driver. ¥183.50 would probably still be an active support if the price continues lower after the current bounce. The key data coming up for pound-yen is British GDP on Thursday 12 December. This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
by Michael_Stark_Exness