GBP/JPY Analysis: Shorterm Buy
The GBP/JPY pair currently shows a retracement from recent highs, and we can observe key levels of support and resistance based on Fibonacci retracement levels and trend lines.
Trendline Support: A rising trendline from previous lows suggests continued bullish momentum as long as the price respects this trendline. The recent test of this trendline indicates a possible continuation to the upside if buyers maintain control.
Fibonacci Retracement Levels: Key retracement levels are marked:
The 23.6% retracement near 198.97 serves as the first potential resistance area. A break above this level could lead the price towards the next resistance.
38.2% (198.61) and 50% (198.33) levels provide additional zones where the price might face resistance before potentially moving higher.
Key Support Levels:
The 198.00 level acts as a psychological and technical support, with further support down to 197.50.
If the price breaks below these support levels, it may signal a reversal or deeper correction.
Potential Scenarios:
Bullish Scenario: If the price respects the trendline and moves above 198.97, we might see an attempt to test the recent highs around 199.50 - 199.70.
Bearish Scenario: Failure to hold above the trendline and a breakdown below 197.50 could initiate a deeper pullback, possibly targeting support levels around 196.50 or lower.
Conclusion: The bias remains bullish as long as the trendline support holds. However, key resistance levels around 198.97 - 199.50 need to be watched closely, as they could signal either a breakout to new highs or a potential reversal if selling pressure intensifies.
Trendline Support: A rising trendline from previous lows suggests continued bullish momentum as long as the price respects this trendline. The recent test of this trendline indicates a possible continuation to the upside if buyers maintain control.
Fibonacci Retracement Levels: Key retracement levels are marked:
The 23.6% retracement near 198.97 serves as the first potential resistance area. A break above this level could lead the price towards the next resistance.
38.2% (198.61) and 50% (198.33) levels provide additional zones where the price might face resistance before potentially moving higher.
Key Support Levels:
The 198.00 level acts as a psychological and technical support, with further support down to 197.50.
If the price breaks below these support levels, it may signal a reversal or deeper correction.
Potential Scenarios:
Bullish Scenario: If the price respects the trendline and moves above 198.97, we might see an attempt to test the recent highs around 199.50 - 199.70.
Bearish Scenario: Failure to hold above the trendline and a breakdown below 197.50 could initiate a deeper pullback, possibly targeting support levels around 196.50 or lower.
Conclusion: The bias remains bullish as long as the trendline support holds. However, key resistance levels around 198.97 - 199.50 need to be watched closely, as they could signal either a breakout to new highs or a potential reversal if selling pressure intensifies.
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.