Current Price: 192.862
Buy Zone: After closing above 195.971
Stop-Loss: 189.488
Target: 205
Analysis:
Parallel Channel:
GBP/JPY is trading within a parallel channel, indicating a structured range between support and resistance. This suggests the market is respecting these levels, and a break above the upper trendline (195.971) would confirm the bullish breakout.
Fibonacci Extension:
Using Fibonacci levels as a tool to project future price movements, the extension aligns with the 205.161 target, a significant level based on the projected price move. This target could coincide with key resistance levels.
Risk/Reward:
With a stop-loss at 189.488 and a target of 205, the trade offers a favorable risk-to-reward ratio, ensuring good potential profits relative to the risk.
Buy Zone: After closing above 195.971
Stop-Loss: 189.488
Target: 205
Analysis:
Parallel Channel:
GBP/JPY is trading within a parallel channel, indicating a structured range between support and resistance. This suggests the market is respecting these levels, and a break above the upper trendline (195.971) would confirm the bullish breakout.
Fibonacci Extension:
Using Fibonacci levels as a tool to project future price movements, the extension aligns with the 205.161 target, a significant level based on the projected price move. This target could coincide with key resistance levels.
Risk/Reward:
With a stop-loss at 189.488 and a target of 205, the trade offers a favorable risk-to-reward ratio, ensuring good potential profits relative to the risk.
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