Golden Pattern Alert! Inverse Head & Shoulders Spotted on GBP/JP
Hi traders! Analyzing GBP/JPY on the 1H timeframe, price is showing signs of a potential bullish reversal with the formation of an Inverse Head and Shoulders pattern:
🔹 Entry: 189.25
🔹 Take Profit (TP): 190.85
🔹 Stop Loss (SL): 188.25
After a strong downtrend, price formed an inverse H&S pattern with the right shoulder completing near the ascending trendline support. A breakout above the neckline around the 189.20 level confirms bullish intent, with momentum supported by a close above both the neckline and the 200 EMA.
RSI is also turning up, showing strengthening bullish momentum. The breakout candle is clean, with volume picking up slightly adding confidence to the setup.
If the pattern plays out fully, the projected target aligns with the upper boundary of the ascending channel around 190.85, which also acts as a confluence zone from previous structure.
⚠️ DISCLAIMER: This is not financial advice. Every trader is responsible for managing their own risk and strategy.
🔹 Entry: 189.25
🔹 Take Profit (TP): 190.85
🔹 Stop Loss (SL): 188.25
After a strong downtrend, price formed an inverse H&S pattern with the right shoulder completing near the ascending trendline support. A breakout above the neckline around the 189.20 level confirms bullish intent, with momentum supported by a close above both the neckline and the 200 EMA.
RSI is also turning up, showing strengthening bullish momentum. The breakout candle is clean, with volume picking up slightly adding confidence to the setup.
If the pattern plays out fully, the projected target aligns with the upper boundary of the ascending channel around 190.85, which also acts as a confluence zone from previous structure.
⚠️ DISCLAIMER: This is not financial advice. Every trader is responsible for managing their own risk and strategy.
Trade closed: target 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.
🔥Explore market opportunities with smart analysis. Learn more about Wordcoin!
world.org/join/OELWQPN
world.org/join/OELWQPN
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.