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GBP/JPY Now Moment Sellers Could Be Waiting At Confluence Zone

May 29, 2017 10:27

The GBP/JPY has broken through a flat bottom descending triangle that has been forming on H1 time frame. The triangle is classified as a running one due to lack of vortex at the top (the pinnacle). At this point the price is retracing towards the POC zone (W H3, D H3, order block, ATR pivot, 38.2) 143.20-40. If there are now moment sellers within the zone, the price could reject towards 142.00 and 141.65. Have in mind that UK banks will be closed today in observance of the Spring Bank Holiday, so the price might not get to it's full projected target if rejection from POC happens.

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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)

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