GBP/JPY 8H Analysis – High Probability Trade Setup
This chart shows a classic 5-wave bullish Elliott Wave structure, with price currently breaking out of the wave (4) consolidation.
🔍 Bias: Bullish breakout continuation (Wave 5 in progress)
📌 Key Confluences:
Wave (4) respected both demand zone and trendline support.
Price has now cleared the Swing Range resistance, turning structure bullish.
Supported by the Ichimoku cloud base and a rising trendline.
Strong bullish volume picking up — confirms breakout strength.
🎯 Trade Idea:
Buy GBP/JPY at 195.50–195.90
Stop Loss: Below 192.50 (under swing low and cloud)
Take Profit: 200.00 – 202.00 (1:2+ RR to wave (5) target)
⚠️ Risk Note: Wait for a candle close above 196.00 for added confirmation if cautious. Ideal for momentum continuation traders.
This setup offers a textbook Elliott Wave 5 opportunity, backed by structure, volume, and breakout confirmation — a clean bullish trade with strong technical backing.
This chart shows a classic 5-wave bullish Elliott Wave structure, with price currently breaking out of the wave (4) consolidation.
🔍 Bias: Bullish breakout continuation (Wave 5 in progress)
📌 Key Confluences:
Wave (4) respected both demand zone and trendline support.
Price has now cleared the Swing Range resistance, turning structure bullish.
Supported by the Ichimoku cloud base and a rising trendline.
Strong bullish volume picking up — confirms breakout strength.
🎯 Trade Idea:
Buy GBP/JPY at 195.50–195.90
Stop Loss: Below 192.50 (under swing low and cloud)
Take Profit: 200.00 – 202.00 (1:2+ RR to wave (5) target)
⚠️ Risk Note: Wait for a candle close above 196.00 for added confirmation if cautious. Ideal for momentum continuation traders.
This setup offers a textbook Elliott Wave 5 opportunity, backed by structure, volume, and breakout confirmation — a clean bullish trade with strong technical backing.
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.
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.