GBP/JPY Analysis - 10th August 2024 for upcoming week
Overall Trend
The GBP/JPY is currently in an uptrend on the higher timeframes. The weekly candle closed with bullish pressure, further reinforcing the bullish bias.
Key Levels and Price Action
Support: The 186.00 level is acting as a strong support zone. This is evident not only from the price action but also from the Relative Volume Profile (RVP), which shows a high volume node around this level, indicating significant buying interest.
Resistance: The 188.00 level has been acting as resistance, with the price pulling back from this area recently.
Short-term Balance: The price is currently trading above the short-term balance level at 187.016, suggesting a slight bullish advantage in the near term.
1h Imbalance: There is a 1h imbalance at 186.302. This could potentially attract the price for a short-term wick down before the uptrend resumes.
Technical Indicators
Relative Volume Profile (RVP): the RVP confirms the significance of the 186.00 support level due to the high volume node. It also shows decreasing volume as the price moves higher, suggesting potential resistance ahead, possibly around the 188.00 level.
Potential Scenarios & Risk Management
Bullish Scenario: If the price holds above the 186.00 support and the 1h imbalance, we can expect the uptrend to continue, potentially targeting the 188.00 resistance and beyond.
Bearish Scenario: A break below the 186.00 support would invalidate the bullish bias and could lead to further downside, potentially targeting the next lower support levels.
The GBP/JPY is currently in an uptrend on the higher timeframes. The weekly candle closed with bullish pressure, further reinforcing the bullish bias.
Key Levels and Price Action
Support: The 186.00 level is acting as a strong support zone. This is evident not only from the price action but also from the Relative Volume Profile (RVP), which shows a high volume node around this level, indicating significant buying interest.
Resistance: The 188.00 level has been acting as resistance, with the price pulling back from this area recently.
Short-term Balance: The price is currently trading above the short-term balance level at 187.016, suggesting a slight bullish advantage in the near term.
1h Imbalance: There is a 1h imbalance at 186.302. This could potentially attract the price for a short-term wick down before the uptrend resumes.
Technical Indicators
Relative Volume Profile (RVP): the RVP confirms the significance of the 186.00 support level due to the high volume node. It also shows decreasing volume as the price moves higher, suggesting potential resistance ahead, possibly around the 188.00 level.
Potential Scenarios & Risk Management
Bullish Scenario: If the price holds above the 186.00 support and the 1h imbalance, we can expect the uptrend to continue, potentially targeting the 188.00 resistance and beyond.
Bearish Scenario: A break below the 186.00 support would invalidate the bullish bias and could lead to further downside, potentially targeting the next lower support levels.
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