Bullish Opportunity in GBP/JPY? Strategy Using Fibonacci and RSI
Hey traders! Today, I’m excited to share an interesting trading opportunity I spotted on the GBP/JPY pair in the 30-minute timeframe. The price is currently respecting the 50% Fibonacci retracement level at 190.752, which is aligning as a strong support zone.
Additionally, the RSI is sitting at 43.80, suggesting there’s still room for an upward move before hitting overbought levels. On top of that, the ascending trendline is holding steady, giving further confluence for a potential bullish setup.
Here’s my plan:
- Stop Loss: Below 189.729, which is a key support zone in case the price breaks lower.
- Take Profit: First target at 191.385, with a potential extension to 192.419 if momentum continues.
The key here is to wait for confirmation! Ideally, we’ll see increased volume or a strong bullish candle to validate the entry. Remember, proper risk management is essential.
What do you think of this setup? Drop your thoughts in the comments, and don’t forget to like and subscribe for more trading insights! See you in the next idea!"
Disclaimer: This Idea is for educational and informational purposes only and does not constitute financial advice. Trading in financial markets carries significant risks, and it is important to conduct your own analysis before making any investment decisions. I am not responsible for any losses incurred from your trades. Always trade with proper risk management.
Additionally, the RSI is sitting at 43.80, suggesting there’s still room for an upward move before hitting overbought levels. On top of that, the ascending trendline is holding steady, giving further confluence for a potential bullish setup.
Here’s my plan:
- Stop Loss: Below 189.729, which is a key support zone in case the price breaks lower.
- Take Profit: First target at 191.385, with a potential extension to 192.419 if momentum continues.
The key here is to wait for confirmation! Ideally, we’ll see increased volume or a strong bullish candle to validate the entry. Remember, proper risk management is essential.
What do you think of this setup? Drop your thoughts in the comments, and don’t forget to like and subscribe for more trading insights! See you in the next idea!"
Disclaimer: This Idea is for educational and informational purposes only and does not constitute financial advice. Trading in financial markets carries significant risks, and it is important to conduct your own analysis before making any investment decisions. I am not responsible for any losses incurred from your trades. Always trade with proper risk management.
Trade fermée: cible de profit atteinte
Yes !, goal achieved 😎
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Get Access To The Worlds Most Profitable Trading Indicators here: tinyurl.com/4d3389mc
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.