GBP/JPY Flat Descending Triangle Breakout

Május 29, 2018 13:02

Source: Admiral Markets MT5 with MT5SE Add-on

The GBP weakness has made both the GBP/USD and GBP/JPY breakout to the downside a matter of time. The GBP/JPY has broken through 145.11 and 144.70 and it is targeting 144.15 as the first target. If the 4h candle closes below 144.14 we could see 142.92. Pullbacks are corrective at this point and traders could use it to possibly sell on rallies. The GBP/JPY is very bearish.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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