GBP/JPY Analysis – Ascending Channel & Range Breakout in Focus
Price action on the 2-hour chart continues to respect a well-defined ascending channel indicating a bullish structure overall
🔹Recent Price Behavior:
After an impulsive rally from the channel's lower boundary GBP/JPY entered a sideways range consolidating between \~198.10 and 199.75. This range has acted as a pause in the prevailing uptrend.
🔹Key Levels:
Range Support 198.10 (aligned with channel support) Range Resistance: 199.75
Potential Target Zone: 200.50 – 201.50 (top of the channel)
📈 Scenario 1 – Breakout Continuation:
If price successfully breaks above 199.75 with strong momentum and volume, a bullish continuation toward 200.50 and possibly 201.50 is likely.
📉 Scenario 2 – Fakeout & Retest:
A short-term rejection may occur at resistance possibly leading to a pullback toward 198.10 which also aligns with the channel’s mid-lower zone — a potential buying opportunity on bullish confirmation.
✅ Bias: Bullish (as long as price respects the ascending channel and holds above 198.10)
🔹Recent Price Behavior:
After an impulsive rally from the channel's lower boundary GBP/JPY entered a sideways range consolidating between \~198.10 and 199.75. This range has acted as a pause in the prevailing uptrend.
🔹Key Levels:
Range Support 198.10 (aligned with channel support) Range Resistance: 199.75
Potential Target Zone: 200.50 – 201.50 (top of the channel)
📈 Scenario 1 – Breakout Continuation:
If price successfully breaks above 199.75 with strong momentum and volume, a bullish continuation toward 200.50 and possibly 201.50 is likely.
📉 Scenario 2 – Fakeout & Retest:
A short-term rejection may occur at resistance possibly leading to a pullback toward 198.10 which also aligns with the channel’s mid-lower zone — a potential buying opportunity on bullish confirmation.
✅ Bias: Bullish (as long as price respects the ascending channel and holds above 198.10)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.