By Admiral Markets
The GBP/JPY formed the LVZ pattern – Low Volatility Zone exactly at the POC 147.85-148.05 and it is proceeding higher towards D H4 148.75. Strong h1 candle or 4h candle close above 148.75 suggest further bullish pressure towards 149.20-30. Looking at a daily chart in chart we can see a possibility of further strength towards 149.85 as daily strong hammer suggests. Retest of 148.35 could also be possible and if the pair bounces again from D H3-EMA89 (148.35) that should be a sign of another bullish pressure towards above mentioned levels. Only below 147.80 we might see a drop towards 147.32 and bulls should lose the steam.
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 Daily Hammer Suggests Further Bullish Pressure
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