GBP/JPY Equidistant Channel Bearish Continuation

July 24, 2017 09:42

The GBP/JPY has followed my previous analysis exactly as planned and even during summer holidays trading, this still remains one of the best pair to trade due to its high ATR(14)-121. At this point we have two potential POC zones, should the pair retrace. POC1 144.70-90 (38.2, bearish order block D H3) should reject the pair short term towards 144.00. But if the pair breaks 144.00 without any retracement to the upside target is D L3 - 143.74 and 143.40 - W L3/ATR Low confluence.

Have in mind that even if the pair retraces to POC2 145.15-35 (equidistant channel high, 50.0, bearish order block, EMA89, W H3, 61.8) it will still be bearish and the zone should provide a good rejection towards the POC1 and above mentioned levels. This setup will also be discussed on Session Recap webinar so feel free to join.

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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)