GBP/JPY 15-Minute Chart AnalysisKey Observations:
1. Descending Trendline Break:
- The price has broken above a descending trendline, signaling a potential bullish reversal.
2. Demand Zone:
- The price found support near the highlighted demand zone 196.430–196.600.
3. Bullish Setup:
- A long trade setup is active, with stop-loss set below 196.168 (extended stop-loss at 195.782) and multiple take-profit targets:
- Target 1: 197.271
- Target 2: 198.063
- Target 3: 198.815
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Trading Scenarios:
1. Bullish Continuation:
- If the price sustains above 196.600, it is likely to move toward 197.271. Breaking this resistance level could lead to further upward momentum targeting 198.063 and eventually 198.815.
2. Invalidation of Bullish Setup:
- If the price falls below 196.168, the bullish setup will be invalidated, and the pair might retest the previous low near 195.782.
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Trading Plan:
- Entry (Buy): Above 196.750, targeting 197.271 (first target) and 198.063 (second target) and 198.815 (third target).
- Stop-Loss: Below 196.168 for standard risk or 195.782 for extended risk.
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Stay disciplined with risk management and watch for any signs of rejection near resistance levels.
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Trading involves substantial risk, and past performance is not indicative of future results. Always conduct your own research and consult a financial advisor before making investment decisions. Trade responsibly.
