GBP/JPY Set to Skyrocket Eyeing 676.53 and Beyond!
Key Levels to Watch
Primary Bullish Targets (Wave 5 Upside Goals):
584.86 – Inducement Wave 3:
The next major resistance zone to watch as GBP/JPY climbs toward the Wave 5 extension.
Traders could take partial profits here or use this level to monitor bullish strength.
676.53 – Wave 5 Extension (1.618 Fibonacci):
This represents the main target for Wave 5.
Price is likely to pause or reverse near this level as it aligns with the Fibonacci extension of the bullish structure.
763.43 – Overextension (Wave 5 Peak):
This marks the extreme extension level for Wave 5. If bullish momentum sustains, this area could become the final rally peak.
Key Support Levels (Pullback Zones):
437.21 – Wave 4 Shallow Support:
Any retracement into this level can provide a strong re-entry point for long positions.
This level is critical to maintaining the bullish structure.
346.00 – Wave 1 Invalidation Zone:
A breakdown below this area invalidates the bullish count, signaling potential reversal or longer-term bearishness.
224.55 – Accumulation Resistance:
If the structure collapses, this is the key pivot area to retest long-term demand zones.
Current Market Context
GBP/JPY is moving out of a prior accumulation phase, where price action consolidated between 224.55 (AR Resistance) and 116.83 (SC Support).
Momentum suggests GBP/JPY is now progressing into a Wave 5 rally, with the first key test at 584.86 before continuing to higher targets.
Traders should focus on buying the dips into support zones like 437.21 for the next rally wave.
Trading Plan
Long Positions:
Enter near 437.21 if price retraces to this support zone.
Add positions on a breakout above 584.86, targeting 676.53 and potentially 763.43.
Profit-Taking Strategy:
Take partial profits at 584.86 (Inducement Wave 3).
Final profit zones are 676.53 (Wave 5) and 763.43 (Peak Extension).
Risk Management:
Stop-loss below 346.00 (Wave 1 invalidation).
Reassess if price loses momentum near the 224.55 zone.
Primary Bullish Targets (Wave 5 Upside Goals):
584.86 – Inducement Wave 3:
The next major resistance zone to watch as GBP/JPY climbs toward the Wave 5 extension.
Traders could take partial profits here or use this level to monitor bullish strength.
676.53 – Wave 5 Extension (1.618 Fibonacci):
This represents the main target for Wave 5.
Price is likely to pause or reverse near this level as it aligns with the Fibonacci extension of the bullish structure.
763.43 – Overextension (Wave 5 Peak):
This marks the extreme extension level for Wave 5. If bullish momentum sustains, this area could become the final rally peak.
Key Support Levels (Pullback Zones):
437.21 – Wave 4 Shallow Support:
Any retracement into this level can provide a strong re-entry point for long positions.
This level is critical to maintaining the bullish structure.
346.00 – Wave 1 Invalidation Zone:
A breakdown below this area invalidates the bullish count, signaling potential reversal or longer-term bearishness.
224.55 – Accumulation Resistance:
If the structure collapses, this is the key pivot area to retest long-term demand zones.
Current Market Context
GBP/JPY is moving out of a prior accumulation phase, where price action consolidated between 224.55 (AR Resistance) and 116.83 (SC Support).
Momentum suggests GBP/JPY is now progressing into a Wave 5 rally, with the first key test at 584.86 before continuing to higher targets.
Traders should focus on buying the dips into support zones like 437.21 for the next rally wave.
Trading Plan
Long Positions:
Enter near 437.21 if price retraces to this support zone.
Add positions on a breakout above 584.86, targeting 676.53 and potentially 763.43.
Profit-Taking Strategy:
Take partial profits at 584.86 (Inducement Wave 3).
Final profit zones are 676.53 (Wave 5) and 763.43 (Peak Extension).
Risk Management:
Stop-loss below 346.00 (Wave 1 invalidation).
Reassess if price loses momentum near the 224.55 zone.
تم فتح الصفقة
GBP/JPY’s Explosive Wave 5: Are You Ready for the Ride to 676.53 and Beyond?ملاحظة
3M
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I hope everyone had a successful trading week and was able to secure some profits! As we look ahead, make sure to stay up to date with the latest market updates. Set alarms on my page and enable email notifications so you don’t miss out on next week's swing opportunities.ملاحظة
💬 Could this be the one you missed? Some great trading ideas are getting buried—let’s revisit! Share your thoughts on this one, or let us know which idea had you rethinking your strategy. 📊🔥
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.