GBP/JPY trend line broken

July 26, 2016

By Admiral Markets

The GBPJPY aka “Dragon” dropped below the trend line and currently it is in downtrend. After hitting 135.94 lower support (L4 Cam weekly PP) it closed above L4 so we need a 4h close below it (136.80) for a further continuation down. Currently the pair is in retracement and there are 2 POC zones. POC1 (50.0, L3, historical sellers) 137.70-90 could reject the price down towards 136.80 and 135.94. If the price proceeds above 138.10 we could see POC2 rejection 138.70-85 (78.6, EMA89, trend line) towards 138.00 and 136.80.

If we don’t see a retracement towards POC pay attention to 4h close below 136.80 (as stated above) for a further continuation towards 135.94 and 135.00 below it.

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Article by Admiral Markets

Source: GBP/JPY trend line broken

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