GBP/JPY: Bullish Momentum Testing Key Resistance – My Intraday Long Setup

The Data is Compelling: Bullish Continuation for Cable-Yen

Looking at GBP/JPY, the chart clearly indicates a robust bullish trend. The current price stands at 189.82, showing a significant 0.38% gain over the last 24 hours. This positive momentum is firmly pushing the pair towards its recent daily high of 190.91, which acts as a critical immediate resistance level. What I'm seeing here is a strong indication of institutional order flow driving prices higher, with buyers keen to defend dips. The immediate support at 188.74, the low of the day's range, has held firm, reinforcing the underlying strength.

My Intraday Long Setup & Risk Management

Given this bullish structure, I'm positioning for a continuation move higher. My intraday long entry is set at 189.5. This level offers a good risk-reward ratio, catching a potential retest or continuation from current levels, just shy of the 190.91 resistance. My stop loss is placed firmly at 187.8. This level is strategically positioned below the immediate support at 188.74 and offers sufficient breathing