📊 GBPJPY 20th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the dynamic world of forex trading, understanding key market levels is crucial for making informed decisions. This blog provides a detailed analysis of GBPJPY, highlighting essential resistance and support levels, along with actionable trade setups based on technical analysis.

Current Market Overview

GBPJPY is currently trading at a Daily Current Market Price (DCMP) of 190.570. This analysis identifies potential entry and exit points for traders looking to capitalize on market movements effectively.

Key Levels Summary

Resistance Levels Above DCMP (190.570)

🔺 Resistance 1: 190.859

🔺 Resistance 2: 192.272

🔺 Resistance 3: 193.145

🔺 Resistance 4: 194.558

Support Levels Below DCMP (190.570)

🟢 Support 1: 189.446

🟢 Support 2: 188.573

🟢 Support 3: 187.160

Swing Levels

📊 Swing High: 198.960

📊 Swing Low: 198.080

Trade Setups

Intraday Buy Trade Setup

🔹 Entry Price: ✨ 189.446

🔹 Stop Loss: ❌ 189.000

🔹 Take Profit 1: 🎯 190.000

🔹 Take Profit 2: 🎯 190.500

Reason for Entry:

The support level at 189.446 is below the DCMP, establishing a strong buying zone. This level aligns with Fibonacci retracement and technical support, indicating potential for upward movement.

Intraday Sell Trade Setup

🔹 Entry Price: ✨ 190.859

🔹 Stop Loss: ❌ 191.200

🔹 Take Profit 1: 🎯 190.500

🔹 Take Profit 2: 🎯 190.200

Reason for Entry:

The resistance level at 190.859 is above the DCMP, indicating a strong selling zone. This level aligns with Fibonacci extension and technical resistance, suggesting potential for downward movement.

Analysis Summary

Resistance and Support Levels: Key levels derived from technical analysis indicate potential reversal zones.

Fibonacci Levels: Resistance and support zones highlight significant retracement and extension levels.

RSI Divergence: RSI indicates potential overbought conditions at resistance levels and oversold conditions at support levels, confirming possible reversals.

MACD Crossing: MACD suggests bullish momentum at support levels and bearish momentum at resistance levels, providing additional confirmation for trade setups.

Conclusion

This analysis equips traders with actionable trade setups and key levels to navigate the GBPJPY market. With the current market price at 190.570, traders can utilize the outlined resistance and support levels, along with technical indicators, to execute trades confidently.