GBP/JPY continues to respect its ascending channel, with price recently pulling back after tapping near the upper boundary around the 197.500–198.000 zone
Technical Breakdown:
Structure: Price has been climbing consistently within an ascending channel since early May
Current Action: A correction is underway after testing the upper channel resistance, with potential support forming near 196.167 (former resistance turned support)
Price consolidates above 196.167 forming a base before resuming upward momentum.
A breakout retest of mid-channel levels could propel the pair toward 199.000+
Scenarios to Watch: Bullish Continuation: Price finds support above 196.167
A break above recent highs confirms momentum toward the top of the channel
2. Deeper Pullback Before Push: A brief dip toward the lower trendline could offer an even better long entry if structure holds.
Targets:
Near-term resistance: 197.500–198.000
Upper channel zone: 199.000+
Key support to hold: 196.167
Summary
The bullish channel remains intact. As long as GBP/JPY stays above support and respects trend structure, momentum favors further upside. Patience and confirmation are key — don’t chase wait for the setup to complete.
Your likes and comments are incredibly motivating and will encourage me to share more analysis with you!
Best Regards TrendLinford!
Technical Breakdown:
Structure: Price has been climbing consistently within an ascending channel since early May
Current Action: A correction is underway after testing the upper channel resistance, with potential support forming near 196.167 (former resistance turned support)
Price consolidates above 196.167 forming a base before resuming upward momentum.
A breakout retest of mid-channel levels could propel the pair toward 199.000+
Scenarios to Watch: Bullish Continuation: Price finds support above 196.167
A break above recent highs confirms momentum toward the top of the channel
2. Deeper Pullback Before Push: A brief dip toward the lower trendline could offer an even better long entry if structure holds.
Targets:
Near-term resistance: 197.500–198.000
Upper channel zone: 199.000+
Key support to hold: 196.167
Summary
The bullish channel remains intact. As long as GBP/JPY stays above support and respects trend structure, momentum favors further upside. Patience and confirmation are key — don’t chase wait for the setup to complete.
Your likes and comments are incredibly motivating and will encourage me to share more analysis with you!
Best Regards TrendLinford!
Trade active
Trade closed: target reached
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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.
Related publications
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.