GBP/JPY continues to respect its ascending channel, with price recently pulling back after tapping near the upper boundary around the 197.500–198.000 zone
Technical Breakdown:
Structure: Price has been climbing consistently within an ascending channel since early May
Current Action: A correction is underway after testing the upper channel resistance, with potential support forming near 196.167 (former resistance turned support)
Price consolidates above 196.167 forming a base before resuming upward momentum.
A breakout retest of mid-channel levels could propel the pair toward 199.000+
Scenarios to Watch: Bullish Continuation: Price finds support above 196.167
A break above recent highs confirms momentum toward the top of the channel
2. Deeper Pullback Before Push: A brief dip toward the lower trendline could offer an even better long entry if structure holds.
Targets:
Near-term resistance: 197.500–198.000
Upper channel zone: 199.000+
Key support to hold: 196.167
Summary
The bullish channel remains intact. As long as GBP/JPY stays above support and respects trend structure, momentum favors further upside. Patience and confirmation are key — don’t chase wait for the setup to complete.
Your likes and comments are incredibly motivating and will encourage me to share more analysis with you!
Best Regards TrendLinford!
Technical Breakdown:
Structure: Price has been climbing consistently within an ascending channel since early May
Current Action: A correction is underway after testing the upper channel resistance, with potential support forming near 196.167 (former resistance turned support)
Price consolidates above 196.167 forming a base before resuming upward momentum.
A breakout retest of mid-channel levels could propel the pair toward 199.000+
Scenarios to Watch: Bullish Continuation: Price finds support above 196.167
A break above recent highs confirms momentum toward the top of the channel
2. Deeper Pullback Before Push: A brief dip toward the lower trendline could offer an even better long entry if structure holds.
Targets:
Near-term resistance: 197.500–198.000
Upper channel zone: 199.000+
Key support to hold: 196.167
Summary
The bullish channel remains intact. As long as GBP/JPY stays above support and respects trend structure, momentum favors further upside. Patience and confirmation are key — don’t chase wait for the setup to complete.
Your likes and comments are incredibly motivating and will encourage me to share more analysis with you!
Best Regards TrendLinford!
交易進行
交易結束：目標達成
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