GBP/JPY Retracement Trend Line Breakouts for Uptrend Continuation

The GBP/JPY, so popular “Dragon” has been making obvious trend line breaks above the ascending trend line. This signifies both retracement-continuation pattern in uptrend (a for of zig-zag pattern). 147.05-40 is the POC zone and we could see another rejection should the price retrace again. A strong 1h momentum candle or 4h close above 148.11 should target 149.15. Have in mind that 149.15 is a weekly target and the final weekly resistance. If the price gets there before the end of the week, we might see even stronger uptrend.

GBP/JPY Retracement Trend Line Breakouts for Uptrend Continuation

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)

Best wishes,

Nenad

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This article was originally posted on FX Empire

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