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British Pound / Japanese Yen

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GBPJPY trade ideas

GBPJPY Will Go Up From Support! Buy! Here is our detailed technical review for GBPJPY. Time Frame: 5h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 195.461. Considering the today's price action, probabilities will be high to see a movement to 197.269. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
GBPJPY Approaching Breakout from Ascending Triangle PatternGBP/JPY has been stuck in a range for about 19 days. This range now resembles an ascending triangle pattern, with a potential break above 195.78, which could lift the price by 381 pips to 199.70. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Long
by ThinkMarkets
Trading Plan: GBP/JPY Active Trade UpdatePair: GBP/JPY Timeframe: Daily Current Price: 191.240 JPY Active Trade: Entry Point: Long entry around 181.337 JPY, triggered based on strong bullish reversal signals. Stop Loss: 178.109 JPY (below the support zone). Take Profit: TP1: 191.000 JPY (near the current price level) – TP1 has been reached. TP2: 195.768 JPY (previous support turned resistance). Overview: The GBP/JPY pair has been in a bearish trend but found strong support around the 181.337 JPY level, where the trade was entered based on bullish reversal signals. The price has now reached near the first take profit level at 191.000 JPY, and we are watching for further upward momentum to reach the second target. Key Levels: Resistance Levels: 196.687 - 195.768 JPY: This is the next significant resistance zone where the second take profit target is set. 199.645 - 198.897 JPY: A major resistance area that could be tested if the bullish momentum continues. 201.844 - 201.168 JPY: The upper resistance zone that might come into play if the price breaks above the 200.000 JPY level. Support Levels: 181.337 - 178.109 JPY: The entry zone and stop loss area, where the price found strong support. Equilibrium (around 189.000 JPY): A key balance point that could act as support if there is a pullback. Technical Indicators: Bullish Reversal: The price showed strong bullish signals at the 181.337 JPY level, leading to the current long position. The first target has been achieved, and the price is now approaching resistance. Price Action Forecast: The bars shown in black represent a price action forecast, suggesting potential future movement within the current trend. Next Steps: Monitor Price Action: Watch closely as the price approaches the 195.768 JPY resistance level. If the price struggles to break through, consider adjusting the stop loss to secure profits. Adjust Stop Loss: As the price nears the second take profit level, you may consider moving the stop loss to just below the 191.000 JPY level to lock in gains. Exit Strategy: If the price reaches 195.768 JPY, take profit on the remaining position, or watch for signs of continuation for potential further gains. Risk Management: Risk-to-Reward Ratio: Maintain a 2:1 or better risk-to-reward ratio. Position Sizing: Keep the position size consistent with your risk management rules, risking no more than 1-2% of your account on this trade. Conclusion: The GBP/JPY pair has shown strong bullish momentum after finding support at the 181.337 JPY level. With the first target already achieved, traders should now focus on managing the position as the price approaches the next resistance. The daily chart suggests that the forecasted price action, indicated by the black bars, aligns with the ongoing bullish trend. Always adhere to your risk management strategy to protect your capital.
Long
by Mike_SnD
GBPJPY Bullish Reversal OpportunityGBPJPY price is breaking a credible resistance zone. If the price action is able to print a convincing Higher High, it may be a signal towards a proper Bullish breakout and a potential new ALL TIME HIGH may become more likely. After the Bulls surf the potential wave till TP1, a probable opportunity may arise for the Bears in the form of a probable Harmonic reversal from key Fibonacci Harmonic price levels which increases the importance of moving SL to Break Even if TP1 hits. Till then, opportunity may be seized by the Bulls. Trade Plan: Entry @ 197 Stop Loss @ 188.5 TP1 @ 205.5000 TP2 @ 214.0000 No. of Trades: 2 Move SL to Break Even if TP1 hits.
Long
by SalaarBT
2
GBPJPY Bullish Continuation Breakout OpportunityGBPJPY price is breaking a credible resistance zone. If the price action is able to print a convincing Higher High, it may be a signal towards a proper Bullish breakout and a potential new ALL TIME HIGH may become more likely. After the Bulls surf the potential wave till TP1, a probable opportunity may arise for the Bears in the form of a probable Harmonic reversal from key Fibonacci Harmonic price levels which increases the importance of moving SL to Break Even if TP1 hits. Till then, opportunity may be seized by the Bulls. Trade Plan: Entry @ 197 Stop Loss @ 192.3 TP1 @ 201.7 TP2 @ 206.4 No. of Trades: 2 Move SL to Break Even if TP1 hits.
Long
by SalaarBT
GBPJPY - 4hrs ( Buy Trade Target Range 300 : 600 PIP ) 🟢 Pair Name : GBP/JPY Time Frame : 4hrs Chart / Close Scale Type : Large Scale ------ spreading knowledge among us and to clarify the most importan+t points of entry, exit and entry with more than 5 reasons We seek to spread understanding rather than make money 🟢 Key Technical / Direction ( Long ) Type : Mid Term Swing ——————————— Bullish Break 195.500 Area Reasons - Major Turn level - Visible Range Lvn - Fixed Range hvn - Triangle Pattern - Week / Month High Area Bearish Reversal 202.000 Area Reasons - Major Turn level - Visible range hvn - FIbo Golden Zone - Channel mid Target - Quarters High Area
Long
by GoldenEngine
1