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GBP/JPY Bearish SHS Pattern Rejecting the Trend Line

January 15, 2018 08:49

The GBP/JPY, popular "Dragon" has formed a bearish SHS pattern just below the D L3 resistance. At this point, the price is trying to break 152.00 and reach 151.80-64. If the pattern stays firm, and the price goes below 151.64 then the pair could drop to 151.20. A spike above 152.50 and 153.00 could be next. If the price gets to 152.85-153.00, the chances are that fresh sellers might be waiting to sell the pair again towards 151.50 and above mentioned targets.

W H3 -1.2055 should give another upside boost to the pair.

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)

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