GBPJPY is showing classic range-bound behavior with a clear rejection setup at key resistance.
📊 Market Analysis
Timeframe: Daily
Bias: Bearish (within established range)
Pattern: Range-bound market with resistance rejection
🎯 Trade Setup
Entry: 196.400 - 196.800 (on rejection candles)
Stop Loss: 199.200 (above range high)
Take Profit 1: 192.500 (mid-range)
Take Profit 2: 189.500 (range support)
📈 Technical Reasons
✅ Multiple rejections at 198.480 resistance level
✅ Range-bound market structure intact
✅ Bearish rejection candle formation
✅ Risk-reward ratio 1:2 to 1:3
🔍 Key Levels
Resistance: 198.480 (range top)
Support: 189.365 (range bottom)
Invalidation: Break above 199.200
⚠️ Risk Management
Position size: 1-2% of account
Watch for any break above resistance with volume
Weekly bias remains bullish - be ready to exit if range breaks up
💡 Trade Plan
Looking for price to respect the established range and move back toward support levels. This is a counter-trend trade within the range structure.
Remember: Trade your plan, plan your trade. Always manage risk first!
📊 Market Analysis
Timeframe: Daily
Bias: Bearish (within established range)
Pattern: Range-bound market with resistance rejection
🎯 Trade Setup
Entry: 196.400 - 196.800 (on rejection candles)
Stop Loss: 199.200 (above range high)
Take Profit 1: 192.500 (mid-range)
Take Profit 2: 189.500 (range support)
📈 Technical Reasons
✅ Multiple rejections at 198.480 resistance level
✅ Range-bound market structure intact
✅ Bearish rejection candle formation
✅ Risk-reward ratio 1:2 to 1:3
🔍 Key Levels
Resistance: 198.480 (range top)
Support: 189.365 (range bottom)
Invalidation: Break above 199.200
⚠️ Risk Management
Position size: 1-2% of account
Watch for any break above resistance with volume
Weekly bias remains bullish - be ready to exit if range breaks up
💡 Trade Plan
Looking for price to respect the established range and move back toward support levels. This is a counter-trend trade within the range structure.
Remember: Trade your plan, plan your trade. Always manage risk first!
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.
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.