FxWirePro
Long

GBP/JPY struggles to break below 193, targets 195

FX:GBPJPY   British Pound/Japanese Yen
177 1 2
GBP/JPY             once again made a low of 193.03 and recovered from that level. Overall trend is still bullish as long as support 193 holds.

Any break below 193 will take the pair further down till 192.50/192.18/190.99.

Short term weakness if it closes below 192.50.

On the higher side minor is resistance is around 193.80 and any break above would extend gains till 194.35/194.60/195.

Bullish invalidation only below 190.50.

It is good to buy at dips around 193.50-55 with SL around 193 for TP of 194.60/195
MaryJane
a year ago
thx for sharing your ides! my view is nearly the same
Bullish Flag?
snapshot

The rebound ended 194,36. After this high was made a consolidation started and is now forming a bullish flag (with tp @ 200). To date the consolidation ended exactly @ its fibo 38,2 - the minimal correction level. The consolidation seems to be healthy at the moment. The bullish scenario is still intact.
Prices below 189-189,5 weaken the bullish szenario - a dip to its low @ 184,9 should be planned.
Prices above its green and yellow "2" generate long signals.

former analysis:
Correction over ?

The pair is starting a Rebound @ ist shortterm 0,5 fibo retracement @ 185.36.
Have a look @ the supporting Levels EMA & SMA 200. Trading below these moving averages generates a possible target @ 176,3 (former supporting lows).
If this Level also can not be defended, the longterm trend will be hurt and a drop to the longterm fibo Minimum correction level @ 167,3 appears. Worts case target 0,5/0,618 % fibos @ 158,46/149,68
Trading above 189.5/189.75 will reanimate the bullish Setup.
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