This is a chart of GBPJPY (British Pound to Japanese Yen) what I’m seeing here is a clear bullish breakout setup. Let me explain what’s happening:
Wave Patterns:
As you can see, the price initially dropped significantly from a higher level, but it’s now showing signs of recovery. This movement has formed a triangular consolidation pattern, which is highlighted by the yellow trendlines.
Trendlines (Yellow Lines):
These yellow lines show the market was in a downward trend earlier, but now the price is trying to break above the upper trendline. If it succeeds, that would confirm a bullish breakout, meaning the market is likely to continue rising.
Bullish Momentum:
Right now, the price is building strength, and buyers are starting to take control of the market. If the breakout happens, we could see a strong bullish move to higher levels.
Levels to Watch:
If GBPJPY breaks above the upper yellow line, I expect the price to climb towards 192.500 and possibly even reach 195.000 or beyond.
However, if the price fails to break out and reverses, it might retest the lower yellow line of the triangle.
Pattern Name:
What we’re seeing here is called a Bullish Breakout Triangle, a strong signal that the price is preparing for a move upward after a period of consolidation.
In conclusion, this chart shows that GBPJPY is currently in a bullish structure, and if the breakout happens, it’s likely to head much higher in the coming sessions
