GBP/JPY all roads point to 188.58
The four-hour chart highlights a bullish Bat formation completing at 188.38. This time frame would suggest that we are currently trading within the CD leg to the downside. We have a demand zone from 188.30.
The one-hour chart highlights a bearish flag formation. On a break of the trend of higher lows at 190.59, the measured move target is 188.50. We have a 261.8% extension level located at 188.61. Using the smart money concept (SMC) as supply and demand zones, we can see a bearish 5-wave count to the downside.
Conclusion: although the system set up would be to buy the completion of the Bat formation, selling at the supply zone (191.35), with a stop loss outside the channel formation (192.00), targeting bespoke support (188.58), offers a risk-reward setup of 4.26R.
Resistance: 191.35 (supply), 191.85 (channel top), 193.18 (88.6%)
Support: 190.59 (channel base), 189.78 (161.8%), 188.58 (bespoke)
The one-hour chart highlights a bearish flag formation. On a break of the trend of higher lows at 190.59, the measured move target is 188.50. We have a 261.8% extension level located at 188.61. Using the smart money concept (SMC) as supply and demand zones, we can see a bearish 5-wave count to the downside.
Conclusion: although the system set up would be to buy the completion of the Bat formation, selling at the supply zone (191.35), with a stop loss outside the channel formation (192.00), targeting bespoke support (188.58), offers a risk-reward setup of 4.26R.
Resistance: 191.35 (supply), 191.85 (channel top), 193.18 (88.6%)
Support: 190.59 (channel base), 189.78 (161.8%), 188.58 (bespoke)
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.