GBP/JPY Bullish Momentum: Targeting New Highs on Strong Technical Confluence

Market Overview & Technical Confluence

Good morning, KoraFX community. My focus today is on GBP/JPY, which continues to exhibit robust bullish momentum. The pair is currently trading at 189.97, reflecting a solid 24-hour gain of 0.87 points (0.46%). This move is a clear continuation of the dominant bullish trend we've observed. Looking at the daily range, from 188.66 to 191.28, we can see the price is pushing firmly towards the upper end, suggesting underlying strength. My analysis shows that the recent pullback found strong support just above the 188.66 level, which was a crucial retest for conviction. This bounce, combined with positive momentum indicators across multiple timeframes, suggests the path of least resistance remains to the upside. The confluence here is strong, with price action respecting key structural levels.

The Swing Trade Setup: Entry, Risk, and Reward

Given this strong technical picture, I'm initiating a swing trade with a long bias on GBP/JPY. My entry target for this setup is 189.6. For risk management, I've placed a firm stop loss at 187.5. This level is strategically positioned below the immediate support at 188.66, giving the trade room to breathe while protecting capital if the bullish structure breaks down. My take profit