GBP/JPY Set to Skyrocket Eyeing 676.53 and Beyond!
Key Levels to Watch
Primary Bullish Targets (Wave 5 Upside Goals):
584.86 – Inducement Wave 3:
The next major resistance zone to watch as GBP/JPY climbs toward the Wave 5 extension.
Traders could take partial profits here or use this level to monitor bullish strength.
676.53 – Wave 5 Extension (1.618 Fibonacci):
This represents the main target for Wave 5.
Price is likely to pause or reverse near this level as it aligns with the Fibonacci extension of the bullish structure.
763.43 – Overextension (Wave 5 Peak):
This marks the extreme extension level for Wave 5. If bullish momentum sustains, this area could become the final rally peak.
Key Support Levels (Pullback Zones):
437.21 – Wave 4 Shallow Support:
Any retracement into this level can provide a strong re-entry point for long positions.
This level is critical to maintaining the bullish structure.
346.00 – Wave 1 Invalidation Zone:
A breakdown below this area invalidates the bullish count, signaling potential reversal or longer-term bearishness.
224.55 – Accumulation Resistance:
If the structure collapses, this is the key pivot area to retest long-term demand zones.
Current Market Context
GBP/JPY is moving out of a prior accumulation phase, where price action consolidated between 224.55 (AR Resistance) and 116.83 (SC Support).
Momentum suggests GBP/JPY is now progressing into a Wave 5 rally, with the first key test at 584.86 before continuing to higher targets.
Traders should focus on buying the dips into support zones like 437.21 for the next rally wave.
Trading Plan
Long Positions:
Enter near 437.21 if price retraces to this support zone.
Add positions on a breakout above 584.86, targeting 676.53 and potentially 763.43.
Profit-Taking Strategy:
Take partial profits at 584.86 (Inducement Wave 3).
Final profit zones are 676.53 (Wave 5) and 763.43 (Peak Extension).
Risk Management:
Stop-loss below 346.00 (Wave 1 invalidation).
Reassess if price loses momentum near the 224.55 zone.
Primary Bullish Targets (Wave 5 Upside Goals):
584.86 – Inducement Wave 3:
The next major resistance zone to watch as GBP/JPY climbs toward the Wave 5 extension.
Traders could take partial profits here or use this level to monitor bullish strength.
676.53 – Wave 5 Extension (1.618 Fibonacci):
This represents the main target for Wave 5.
Price is likely to pause or reverse near this level as it aligns with the Fibonacci extension of the bullish structure.
763.43 – Overextension (Wave 5 Peak):
This marks the extreme extension level for Wave 5. If bullish momentum sustains, this area could become the final rally peak.
Key Support Levels (Pullback Zones):
437.21 – Wave 4 Shallow Support:
Any retracement into this level can provide a strong re-entry point for long positions.
This level is critical to maintaining the bullish structure.
346.00 – Wave 1 Invalidation Zone:
A breakdown below this area invalidates the bullish count, signaling potential reversal or longer-term bearishness.
224.55 – Accumulation Resistance:
If the structure collapses, this is the key pivot area to retest long-term demand zones.
Current Market Context
GBP/JPY is moving out of a prior accumulation phase, where price action consolidated between 224.55 (AR Resistance) and 116.83 (SC Support).
Momentum suggests GBP/JPY is now progressing into a Wave 5 rally, with the first key test at 584.86 before continuing to higher targets.
Traders should focus on buying the dips into support zones like 437.21 for the next rally wave.
Trading Plan
Long Positions:
Enter near 437.21 if price retraces to this support zone.
Add positions on a breakout above 584.86, targeting 676.53 and potentially 763.43.
Profit-Taking Strategy:
Take partial profits at 584.86 (Inducement Wave 3).
Final profit zones are 676.53 (Wave 5) and 763.43 (Peak Extension).
Risk Management:
Stop-loss below 346.00 (Wave 1 invalidation).
Reassess if price loses momentum near the 224.55 zone.
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Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.