Technical analysis of GBP/JPY on the 2-hour timeframe. Here's the idea breakdown:
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📉 GBP/JPY Bearish Reversal Setup
Chart Context:
Price is trading inside an ascending channel, but currently reacting from the upper resistance boundary.
Several rejections (red arrows) at the resistance trendline signal selling pressure.
A clear resistance zone around 198.00 has held.
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🔍 Technical Indicators:
200 EMA (blue) and 50 EMA (red) show an overall bullish trend, but price is now showing a pullback pattern.
RSI (~69.46) is near the overbought level, indicating a potential reversal or correction.
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🎯 Trade Idea:
Short Entry Zone: Near 198.00 (channel resistance).
Target: 194.68 (marked as the target point and lower channel support).
Risk/Reward Potential: Approx. -349.8 pips (-1.76%) downside.
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⚠️ Confirmation Needed:
Watch for bearish candle patterns or breakdowns below 196.88 (50 EMA) for stronger confirmation.
RSI dropping below 57 could further support bearish momentum.
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📝 Summary:
This setup favors a short-term bearish correction within a broader uptrend. The strategy targets a move back to the lower boundary of the channel unless a breakout above 198.00 occurs.
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---
📉 GBP/JPY Bearish Reversal Setup
Chart Context:
Price is trading inside an ascending channel, but currently reacting from the upper resistance boundary.
Several rejections (red arrows) at the resistance trendline signal selling pressure.
A clear resistance zone around 198.00 has held.
---
🔍 Technical Indicators:
200 EMA (blue) and 50 EMA (red) show an overall bullish trend, but price is now showing a pullback pattern.
RSI (~69.46) is near the overbought level, indicating a potential reversal or correction.
---
🎯 Trade Idea:
Short Entry Zone: Near 198.00 (channel resistance).
Target: 194.68 (marked as the target point and lower channel support).
Risk/Reward Potential: Approx. -349.8 pips (-1.76%) downside.
---
⚠️ Confirmation Needed:
Watch for bearish candle patterns or breakdowns below 196.88 (50 EMA) for stronger confirmation.
RSI dropping below 57 could further support bearish momentum.
---
📝 Summary:
This setup favors a short-term bearish correction within a broader uptrend. The strategy targets a move back to the lower boundary of the channel unless a breakout above 198.00 occurs.
Feedback My idea like and comment's 🙏
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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.
Join My Official Channel Link
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
t.me/goldprotreader
Join My Public Channel Link
t.me/goldprotreader
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.