GBP/JPY 30-Minute Chart Analysis
Pattern: Bullish Pennant
Target: 192.200
Market Structure:
The chart illustrates a classic bullish pennant:
A strong bullish impulse (flagpole) led price sharply from around 189.400 to 191.400.
This was followed by a tight consolidation phase, forming a pennant with converging trendlines.
The consolidation shows a battle between buyers and sellers, but within a bullish context, it's a sign of potential continuation.
Technical Outlook:
The price recently bounced off the pennant's lower trendline, showing buyers defending support.
A breakout above the pennant resistance near 191.400 would confirm bullish continuation.
The consolidation is occurring near recent highs, indicating bulls are in control and preparing for the next leg up.
Projection & Target:
Flag pole height: Approximately 200 pips.
Breakout projection: From 191.400 breakout zone, add 200 pips.
Target: 192.200
Trade Plan:
Entry: After a confirmed breakout above 191.400 (preferably with volume or a strong candle close).
Stop-Loss: Below recent swing low or pennant support (190.800).
Take-Profit: 192.200
Pattern: Bullish Pennant
Target: 192.200
Market Structure:
The chart illustrates a classic bullish pennant:
A strong bullish impulse (flagpole) led price sharply from around 189.400 to 191.400.
This was followed by a tight consolidation phase, forming a pennant with converging trendlines.
The consolidation shows a battle between buyers and sellers, but within a bullish context, it's a sign of potential continuation.
Technical Outlook:
The price recently bounced off the pennant's lower trendline, showing buyers defending support.
A breakout above the pennant resistance near 191.400 would confirm bullish continuation.
The consolidation is occurring near recent highs, indicating bulls are in control and preparing for the next leg up.
Projection & Target:
Flag pole height: Approximately 200 pips.
Breakout projection: From 191.400 breakout zone, add 200 pips.
Target: 192.200
Trade Plan:
Entry: After a confirmed breakout above 191.400 (preferably with volume or a strong candle close).
Stop-Loss: Below recent swing low or pennant support (190.800).
Take-Profit: 192.200
Trade active
Hold in buyTrade closed: target reached
Target (192.200) Reached
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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.
Join telegram channel free ..
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
t.me/GoldMan0009
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/GoldMan0009
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.