By Admiral Markets
The GBP/JPY has made a recovery from the bottom which was supported by M L4 camarilla pivot. At this point the pair is rejected by a trend line coming from May’s highs. We might see a rejection from 141.70 if the price doesn;t break the trend line, but if it does watch for 141.95-142.10 POC zone ( 61.8, ATR Pivot, historical sellers). In that case W H3 camarilla / ATR high would be the interim resistance and we might see a rejection to the downside. Targets are 141.00, 140.50 and 140.30. Have in mind that today is Friday so we might see a volatility based on weekly profit taking.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Source: GBP/JPY Retracement in Downtrend
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