On the 4-hour chart, GBP/JPY has been tracing out a clear up-trend over the past several weeks, marked by a sequence of higher highs and higher lows. Your proposed long entry at 198.632 neatly coincides with two layers of support:
Trendline support: A rising trendline drawn off the last two significant swing lows intercepts right around 198.6, suggesting the pair is catching a bid as it back-tests that line.
Trendline support: A rising trendline drawn off the last two significant swing lows intercepts right around 198.6, suggesting the pair is catching a bid as it back-tests that line.
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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.