SMC trading point update
Technical analysis of GBP/JPY on the 3-hour timeframe, suggesting a potential short-term pullback within a larger ascending channel.
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Analysis Summary
Pair: GBP/JPY
Timeframe: 3H
Current Price: 198.883
Bias: Bearish move toward channel support
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Key Technical Insights
1. Ascending Channel Formation:
Price is moving within an upward-sloping channel.
Current structure suggests price is heading toward the lower trendline support.
2. Support Level & Target Zone:
The yellow zone around 196.355 is a major support area and target point, coinciding with both structural support and the bottom of the channel.
3. EMA (200 Close):
Price is still above the 200 EMA (197.067), so overall trend remains bullish — but current move is a correction.
4. RSI (14):
RSI is neutral near 51.14, allowing room for further downward movement before becoming oversold.
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Target Point
Target: 196.355 (support zone and bottom of channel)
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Trade Idea
Direction Entry Stop-Loss Target
Sell 198.80–199.00 Above 199.70 196.35
SMC trading point
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Summary
GBP/JPY is likely to retrace toward support at 196.35 before possibly bouncing within the larger bullish structure. This offers a short-term selling opportunity, with potential buy setups near the lower trendline later.
Please support boost 🚀 this analysis)
Technical analysis of GBP/JPY on the 3-hour timeframe, suggesting a potential short-term pullback within a larger ascending channel.
---
Analysis Summary
Pair: GBP/JPY
Timeframe: 3H
Current Price: 198.883
Bias: Bearish move toward channel support
---
Key Technical Insights
1. Ascending Channel Formation:
Price is moving within an upward-sloping channel.
Current structure suggests price is heading toward the lower trendline support.
2. Support Level & Target Zone:
The yellow zone around 196.355 is a major support area and target point, coinciding with both structural support and the bottom of the channel.
3. EMA (200 Close):
Price is still above the 200 EMA (197.067), so overall trend remains bullish — but current move is a correction.
4. RSI (14):
RSI is neutral near 51.14, allowing room for further downward movement before becoming oversold.
---
Target Point
Target: 196.355 (support zone and bottom of channel)
---
Trade Idea
Direction Entry Stop-Loss Target
Sell 198.80–199.00 Above 199.70 196.35
SMC trading point
---
Summary
GBP/JPY is likely to retrace toward support at 196.35 before possibly bouncing within the larger bullish structure. This offers a short-term selling opportunity, with potential buy setups near the lower trendline later.
Please support boost 🚀 this analysis)
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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.
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Join my recommended broker , link 👇
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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.