Joined Mar 2024
|
Status: Trader
|473 Posts|
Online Now
Pattern and candlestick read
This looks like a bullish continuation pullback after an impulsive move higher. The recent candles show rejection from the upper resistance area, but the pullback has not broken structure yet. As long as price holds above 214.48–214.20, this can still form a higher-low continuation pattern.
If price prints a bullish engulfing candle or long lower-wick rejection around 214.75–214.48, that would support another move higher.
Key levels
Support: 214.75 214.48 214.20
Resistance: 215.03 215.31 215.50
Best trade plan
I would not chase a buy at 214.86 unless using a tight scalp. The cleaner entry is a pullback. Pullback buy setup
Entry: 214.75–214.48 with bullish rejection
Stop loss: 214.15
TP1: 215.03
TP2: 215.31
TP3: 215.50 Breakout buy setup
Entry only if H4 closes above 215.31 and retests it as support
Stop loss: 214.75
TP1: 215.50
TP2: 215.80
Invalidation
The bullish setup weakens if H4 closes below 214.48.
It becomes invalid if price closes below 214.20, because that would break the higher-low structure and open room back toward 213.92–213.64.
ForexFactory style paragraph
GBPJPY H4 remains bullish after a strong recovery from the 211.15–211.40 area into the 215.30 resistance zone. Price is now pulling back from the upper band, but the structure still favors buyers while holding above 214.48–214.20. This looks like a bullish continuation pullback rather than a confirmed reversal. I prefer buying a pullback into 214.75–214.48 with bullish rejection, targeting 215.03, 215.31, and 215.50. A sustained H4 close below 214.20 would invalidate the bullish continuation setup.
