By Admiral Markets
The GBP/JPY has formed a continuation triangle. The entry that was made on LIVE webinar provided more than 50 pips and the price is consolidating above the POC zone now. The POC 149.70-95 could spike the price up again but 149.15 needs to stay firm. In the case of deeper retracement 149.40 should provide support and short term buying opportunities too. Above 150.28 we might see a continuation towards 150.83, 151.07 and 151.43. Only if the price breaks above 151.43 we could see 151.78 and 152.00 in upcoming days. Below 149.15 the price might break out to 148.72 and 148.57 that will put the pair in neutral mode again.
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)
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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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Article by Admiral Markets
Source: GBP/JPY Continuation Triangle Formed at 50.0 Fib Level
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