GBP/JPY Going for New Highs

The GBP/JPY has formed an ascending scallop pattern and we could see new highs today.

At this point the market is going towards the D H4 camarilla resistance. We could see a breakout towards W H4 140.38 and D H5 – 140.62. However for intraday traders, waiting for a retracement could be the option. POC 139.50-50 is the first zone where we might expect price to react. The 2nd POC 139.10-30 is a deeper retracement. Buying the dips looks like the best strategy at this point.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad