GBP/JPY Bullish Zig-Zag After the Trend Change

Marec 22, 2018 12:45

Source: Admiral Markets MT5 with MT5SE Add-on

The GBP/JPY has gone through a trend change after the price broke a descending trendline above 147.90. Subsequently the price has made a bearish zig-zag so buying the dip could be possible. 149.10-149.30 is the zone to watch for as the price might bounce from POC targeting 149.89 and 150.00. Only above 150.00, 150.68 will be the target. Strong 1h candle or 4h candle above 150.68 is needed for the price to proceed further above towards 151.30.

However if the price drops below 148.55, the trend might become neutral to bearish.

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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