GBPJPY, Huge Wedge-Formation, Bullish Volume, BREAKOUT Setup!

Hello There!

Welcome to my newest idea about GBPJPY from several timeframe perspectives. Within recent times the volume demand within the pair has increased massively, especially as the GBP pair part keeps on being bullish despite an increased high interest rate structure. The trend did not reverse meaning there is a strong bullish edge that is determined by the fact that liquidity demand within the GBP region is showing great strength. Now, I have detected the most important levels and considerations to consider within the next time. Especially, with the major underlying structures and upcoming potentials this setup is likely to convert into a worthwhile opportunity.

From the 4-Hour timeframe perspective, the GBPJPY price action is holding above important support zones determined by the 182.5 to 183.2 level in which GBPJPY already bounced several times. Especially marking the previous bullish momentum bounce above these important levels and now building the whole formation above the main supports this is marking a strong base from where further advancements are almost inevitable. Taking this into perspective GBPJPY has this major descending trend line in which it already bounced several times and now bounces again.

From the 1-Hour timeframe perspective GBPJPY is forming this major inverse head-shoulder formation with the right shoulder now being completed and bouncing within the whole support cluster structure marking a final bounce to confirm the completion of the inverse head-shoulder and confirming target zones above the upper boundary of the bigger descending continuation wedge. The fact that this is also marking two major confirmations is making the structure much more bullishly inclined. When the appropriate momentum holds on then the GBPJPY pair is going to move into the next stages of expansion.

From the daily timeframe perspective GBPJPY is building this gigantic ABC wedge count with the wave C to emerge when the breakout above the upper boundary of the wedge formation has emerged. This final breakout and the origin of the wave C is going to activate target zones of 195 to 200 within the whole wave count. Especially, when the breakout is determined with high volume and an increased demand liquidity within the GBP region this is going to add to an extra momentum to complete the whole formation and is going to increase the potential for the massive expansion wave to inevitable high conditions.

The next time, the final breakout is going to initiate the completion of the whole formation. Because of the significance of this whole wedge setup and the high potential expansion setup, I am going to keep the symbol on my watchlist and re-evaluate the situation again once changes emerge.

In this manner, thank you everybody for watching my analysis of GBPJPY. Support from your side is greatly appreciated.

VP

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UPDATE: The strong volume within the pair which is increasing recently is going to setup a high potential volatility acceleration to emerge within the next times.

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ANALYSIS UPDATE: GBPJPY continued with a strong volatility bounce above the boundaries. Further formational completions are activated.

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ANALYSIS UPDATE: GBPJPY is continuing to build up bullishly in the range ready for the most prevalent breakout dynamics to accelerate massively.

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How a bullish breakout in GBPJPY is determined once it has been completed:

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UPDATE: GBJPY is fully finalizing the whole descending wedge formation ready to increase the volume emerging with an accelerated breakout condition.