Analysis:
GBPJPY has recently tested the 199.400 daily resistance zone and failed to break higher. On the daily timeframe, we can clearly see the formation of a Double Top (M pattern), which often signals exhaustion in bullish momentum.
Scenarios:
Bearish case: Continuation toward 195.500 support.
Bullish case: Only a strong daily close above 199.400 would invalidate the bearish setup and potentially open doors toward 208.000.
Note: Traders should watch for confirmation before entering. Risk management remains crucial due to GBPJPY’s volatility.
💬 Do you think GBPJPY breaks down to 195.500, or will bulls defend 199.400?
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GBPJPY has recently tested the 199.400 daily resistance zone and failed to break higher. On the daily timeframe, we can clearly see the formation of a Double Top (M pattern), which often signals exhaustion in bullish momentum.
- Price rejected strongly from the resistance area, confirming sellers are defending this level.
- The break below the ascending trendline adds further weight to bearish sentiment.
- If momentum continues, the next key support sits around 195.500, which aligns with previous structure and demand.
Scenarios:
Bearish case: Continuation toward 195.500 support.
Bullish case: Only a strong daily close above 199.400 would invalidate the bearish setup and potentially open doors toward 208.000.
Note: Traders should watch for confirmation before entering. Risk management remains crucial due to GBPJPY’s volatility.
💬 Do you think GBPJPY breaks down to 195.500, or will bulls defend 199.400?
📌 Follow me for more setups.
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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.