GBP/JPY Awaiting Launch: Ascending Triangle Breakout?
Daily Chart Perspective:
On the daily canvas,
GBPJPY
GBP/JPY is painting an interesting picture. The pair has formed an ascending triangle, a bullish continuation pattern, with its upper resistance at 193.538. A series of Fair Value Gaps (FVGs) above the resistance add fuel to the bullish bias, suggesting an upward breakout could be imminent.
4-Hour Chart Clues:
The 4-hour timeframe reveals price action compressing within the triangle, with the 0.75 Fibonacci retracement level at 190.540 serving as a robust support platform. This level has repeatedly been tested, proving its significance and potential as a springboard for the next big move.
Trade Idea:
Entry Point: An aggressive approach would be to enter near the 0.75 Fib level, anticipating the breakout. A conservative strategy might wait for a clear break and retest of the 193.538 level.
Stop Loss: We'll position our stop loss just below the triangle's lower trend line around 189.540 to protect against false breakouts.
Take Profit: Should the breakout materialize, we'll aim for the first FVG target around 195.000, with room to run higher into the uncharted territory outlined by subsequent FVGs.
The confluence of ascending support and the consolidating price suggests GBP/JPY is gearing up for a significant move. We're monitoring this setup closely for confirmation of direction, ready to capitalize on the triangle's textbook resolution.
On the daily canvas,
GBPJPY
GBP/JPY is painting an interesting picture. The pair has formed an ascending triangle, a bullish continuation pattern, with its upper resistance at 193.538. A series of Fair Value Gaps (FVGs) above the resistance add fuel to the bullish bias, suggesting an upward breakout could be imminent. 4-Hour Chart Clues:
The 4-hour timeframe reveals price action compressing within the triangle, with the 0.75 Fibonacci retracement level at 190.540 serving as a robust support platform. This level has repeatedly been tested, proving its significance and potential as a springboard for the next big move.
Trade Idea:
Entry Point: An aggressive approach would be to enter near the 0.75 Fib level, anticipating the breakout. A conservative strategy might wait for a clear break and retest of the 193.538 level.
Stop Loss: We'll position our stop loss just below the triangle's lower trend line around 189.540 to protect against false breakouts.
Take Profit: Should the breakout materialize, we'll aim for the first FVG target around 195.000, with room to run higher into the uncharted territory outlined by subsequent FVGs.
The confluence of ascending support and the consolidating price suggests GBP/JPY is gearing up for a significant move. We're monitoring this setup closely for confirmation of direction, ready to capitalize on the triangle's textbook resolution.