This chart captures the current price action of GBP/JPY on the 15-minute timeframe, showcasing key structural points and potential trade opportunities.
Market Structure
A clear Change of Character (CHoCH) was identified at multiple points, marking shifts in the market sentiment. These CHoCH points are crucial as they signal transitions between bullish and bearish trends.
A Break of Structure (BoS) occurred earlier, confirming bearish intent, but the market later shifted to a more bullish structure.
Liquidity & Price Action
The presence of a significant sell-side liquidity sweep ($$$) indicates that the market aimed to grab liquidity below a recent low before pushing higher.
After the liquidity grab, the market started forming higher lows, supported by a clear ascending trendline, signaling bullish pressure building up.
Key Levels
The Take Profit 1 (TP1) level is set at 197.631, just below a notable resistance zone. This aligns with the projected upward momentum.
Support is seen around 196.738, which coincides with the last higher low before the bullish continuation. A breach of this level could invalidate the bullish bias.
Current Outlook
The market is currently trading around 196.954, showing signs of a potential continuation to the upside. The ascending trendline provides additional confluence for the bullish bias. The ultimate target remains TP1 at 197.631, while the stop loss is carefully placed below the recent support at 196.738 to manage risk effectively.
Conclusion
This setup presents a calculated opportunity to ride the bullish momentum. However, as always, proper risk management and monitoring for any invalidations are crucial for trading success.