GBP/JPY is currently trading around 194.75, with bullish momentum building after a clean trendline breakout and seems to be testing its support around 194.5 area with a clear market structure. The pair shows signs of institutional accumulation and a potential continuation toward the 198.80 target.
A downward sloping trendline, which capped price since late October 2024, has been decisively broken, indicating a change in sentiment.
Price formed a higher low around 193.62, which now serves as a protected low (your stop loss), supporting the idea of a bullish BOS (Break of Structure).
With momentum aligning and clean imbalance zones above, GBP/JPY could extend toward 198.80 and even further, which aligns with previous supply and fair value gap zones.
As long as price holds above 193.62, the bullish structure remains intact, with further upside likely as liquidity targets above 196.50 and 198.80 come into play.
A downward sloping trendline, which capped price since late October 2024, has been decisively broken, indicating a change in sentiment.
Price formed a higher low around 193.62, which now serves as a protected low (your stop loss), supporting the idea of a bullish BOS (Break of Structure).
With momentum aligning and clean imbalance zones above, GBP/JPY could extend toward 198.80 and even further, which aligns with previous supply and fair value gap zones.
As long as price holds above 193.62, the bullish structure remains intact, with further upside likely as liquidity targets above 196.50 and 198.80 come into play.
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.
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.