GBP/JPY 8H Analysis – High Probability Trade Setup
This chart shows a classic 5-wave bullish Elliott Wave structure, with price currently breaking out of the wave (4) consolidation.
🔍 Bias: Bullish breakout continuation (Wave 5 in progress)
📌 Key Confluences:
Wave (4) respected both demand zone and trendline support.
Price has now cleared the Swing Range resistance, turning structure bullish.
Supported by the Ichimoku cloud base and a rising trendline.
Strong bullish volume picking up — confirms breakout strength.
🎯 Trade Idea:
Buy GBP/JPY at 195.50–195.90
Stop Loss: Below 192.50 (under swing low and cloud)
Take Profit: 200.00 – 202.00 (1:2+ RR to wave (5) target)
⚠️ Risk Note: Wait for a candle close above 196.00 for added confirmation if cautious. Ideal for momentum continuation traders.
This setup offers a textbook Elliott Wave 5 opportunity, backed by structure, volume, and breakout confirmation — a clean bullish trade with strong technical backing.
This chart shows a classic 5-wave bullish Elliott Wave structure, with price currently breaking out of the wave (4) consolidation.
🔍 Bias: Bullish breakout continuation (Wave 5 in progress)
📌 Key Confluences:
Wave (4) respected both demand zone and trendline support.
Price has now cleared the Swing Range resistance, turning structure bullish.
Supported by the Ichimoku cloud base and a rising trendline.
Strong bullish volume picking up — confirms breakout strength.
🎯 Trade Idea:
Buy GBP/JPY at 195.50–195.90
Stop Loss: Below 192.50 (under swing low and cloud)
Take Profit: 200.00 – 202.00 (1:2+ RR to wave (5) target)
⚠️ Risk Note: Wait for a candle close above 196.00 for added confirmation if cautious. Ideal for momentum continuation traders.
This setup offers a textbook Elliott Wave 5 opportunity, backed by structure, volume, and breakout confirmation — a clean bullish trade with strong technical backing.
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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.