The GBP/JPY has been in a steady uptrend on H4 timeframe, and after touching 153.87 it started a retracement. Don’t be confused, as the pair is still in uptrend and we might see a rejection from POC if the price gets in the zone 149.60-85. However, pay attention to 151.50 too. If the pair makes a 4h close above 151.52 we should see a bounce towards 152.36. Above 152.36 there is a possibility of a cont-breakout pattern towards 153.75 retest. Only below W L4 – 148.97 the pair might start a downtrend.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Best wishes,
Nenad
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