On the 15-minute timeframe, GBP/JPY appears to be completing a rising wedge structure within an extended uptrend. Price is currently rejecting from the 88.6% Fibonacci retracement zone, aligning with upper trendline resistance.
After several failed attempts to break higher, the structure suggests exhaustion. I’m anticipating one more liquidity grab above recent highs before a potential bearish reversal. The projected move follows Fibonacci extensions, with targets near the -100% and -200% levels (~202.30 and ~201.90 respectively).
Entry idea:
Wait for confirmation of a lower high or break of trendline support around the 203.40–203.20 area.
Possible re-entry after retest of broken structure.
Targets:
TP1: 202.80
TP2: 202.30
TP3: 201.90
Invalidation:
A clean break and close above 203.95 (previous swing high / wedge top).
This setup is based on structure, liquidity sweep potential, and confluence of Fibonacci zones. If momentum confirms, a strong short-term bearish leg could develop.
TradewithCed
After several failed attempts to break higher, the structure suggests exhaustion. I’m anticipating one more liquidity grab above recent highs before a potential bearish reversal. The projected move follows Fibonacci extensions, with targets near the -100% and -200% levels (~202.30 and ~201.90 respectively).
Entry idea:
Wait for confirmation of a lower high or break of trendline support around the 203.40–203.20 area.
Possible re-entry after retest of broken structure.
Targets:
TP1: 202.80
TP2: 202.30
TP3: 201.90
Invalidation:
A clean break and close above 203.95 (previous swing high / wedge top).
This setup is based on structure, liquidity sweep potential, and confluence of Fibonacci zones. If momentum confirms, a strong short-term bearish leg could develop.
TradewithCed
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.