The GBP/JPY, popular “Dragon” has formed a cup with handle pattern that is yet to be developed. The structure has formed exactly at M L5 Pivot Point. However, the presence of W H3 and W L3 pivots indicate that traders need to wait for further action. A close above W H3 – 143.61 is bullish and the price should reach 144.32 and eventually 145.52. A close below W L3 – 142.19 is bearish and targets are 141.49 and 140.29.
- 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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