GBP/JPY–Potential Fake Breakout from Rising Wedge/KeyLevelsAhead

11 Ogo

GBP/JPY is currently testing the 198.50 resistance area after forming a Rising Wedge pattern on the 4H chart. This zone has historically acted as a strong rejection point (previous tops), and the current structure suggests a possible fake breakout scenario.

Key observations:

Pattern: Rising Wedge following a bullish trendline from June lows.

Resistance: 198.50–200.00 remains a critical supply zone.

Rejection Signals: Multiple failed attempts to hold above this level (Tops 1, 2, and 3).

Downside Targets: If price confirms rejection, potential short-term targets are 195.00 and 193.50.

Support: Major support zone near 191.50–192.00.

Trading Plan:
I am closely monitoring price action around 198.50. A clear bearish rejection with strong volume could trigger a sell-off toward the mentioned targets. If buyers push above 200.00 with strong momentum, the bearish scenario becomes invalid.

⚠️ Risk Management: Always wait for confirmation before entering trades. Use stop-loss orders and avoid over-leveraging. This is not financial advice — for educational purposes only

17 Ogo

Dagangan ditutup secara manual

TARGET CLOSED

Trade idea played out exactly as planned — our target has not been successfully achieved.
Discipline and patience paid off. ✅
Always remember to follow proper risk management and stick to your trading plan