GBP/JPY is currently testing the 198.50 resistance area after forming a Rising Wedge pattern on the 4H chart. This zone has historically acted as a strong rejection point (previous tops), and the current structure suggests a possible fake breakout scenario.
Key observations:
Pattern: Rising Wedge following a bullish trendline from June lows.
Resistance: 198.50–200.00 remains a critical supply zone.
Rejection Signals: Multiple failed attempts to hold above this level (Tops 1, 2, and 3).
Downside Targets: If price confirms rejection, potential short-term targets are 195.00 and 193.50.
Support: Major support zone near 191.50–192.00.
Trading Plan:
I am closely monitoring price action around 198.50. A clear bearish rejection with strong volume could trigger a sell-off toward the mentioned targets. If buyers push above 200.00 with strong momentum, the bearish scenario becomes invalid.
⚠️ Risk Management: Always wait for confirmation before entering trades. Use stop-loss orders and avoid over-leveraging. This is not financial advice — for educational purposes only
Key observations:
Pattern: Rising Wedge following a bullish trendline from June lows.
Resistance: 198.50–200.00 remains a critical supply zone.
Rejection Signals: Multiple failed attempts to hold above this level (Tops 1, 2, and 3).
Downside Targets: If price confirms rejection, potential short-term targets are 195.00 and 193.50.
Support: Major support zone near 191.50–192.00.
Trading Plan:
I am closely monitoring price action around 198.50. A clear bearish rejection with strong volume could trigger a sell-off toward the mentioned targets. If buyers push above 200.00 with strong momentum, the bearish scenario becomes invalid.
⚠️ Risk Management: Always wait for confirmation before entering trades. Use stop-loss orders and avoid over-leveraging. This is not financial advice — for educational purposes only
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
$ FOREX / GOLD / BTC | Real Trades,Real Result | Risk-managed strategiesn &VIP Signal {My Personal Entries} Join Telegram _ Trade smater ||
📬 Join Free Channel:
t.me/profitmagnetpro12
📬 Join Free Channel:
t.me/profitmagnetpro12
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.