GBP/JPY (British Pound / Japanese Yen) 1-hour chart, I have drawn a rising wedge pattern — which is typically a bearish reversal setup once the lower trendline breaks.
Here’s the detailed target analysis:
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📉 Current price:
Around 203.50
⚠ Breakdown level (support zone):
Around 203.20 – 203.00
If the price closes below this zone, the bearish move is confirmed.
---
🎯 Target 1 (short-term target):
≈ 202.20 – 202.30
This aligns with my first target point marked on the chart — the initial measured move from the wedge height.
---
🎯 Target 2 (extended / full move):
≈ 201.20 – 201.30
This matches my second target point — the full measured projection of the wedge pattern.
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✅ Summary:
Level Description Zone
🔻 Breakdown Point Confirm sell below 203.20 – 203.00
🎯 Target 1 First profit level 202.20 – 202.30
🎯 Target 2 Final profit level 201.20 – 201.30
⛔ Stop-loss Above recent high 204.00 – 204.20
Here’s the detailed target analysis:
---
📉 Current price:
Around 203.50
⚠ Breakdown level (support zone):
Around 203.20 – 203.00
If the price closes below this zone, the bearish move is confirmed.
---
🎯 Target 1 (short-term target):
≈ 202.20 – 202.30
This aligns with my first target point marked on the chart — the initial measured move from the wedge height.
---
🎯 Target 2 (extended / full move):
≈ 201.20 – 201.30
This matches my second target point — the full measured projection of the wedge pattern.
---
✅ Summary:
Level Description Zone
🔻 Breakdown Point Confirm sell below 203.20 – 203.00
🎯 Target 1 First profit level 202.20 – 202.30
🎯 Target 2 Final profit level 201.20 – 201.30
⛔ Stop-loss Above recent high 204.00 – 204.20
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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.
