By Admiral Markets
The GBP/JPY, popular “Dragon” has formed a bearish SHS pattern just below the D L3 resistance. At this point, the price is trying to break 152.00 and reach 151.80-64. If the pattern stays firm, and the price goes below 151.64 then the pair could drop to 151.20. A spike above 152.50 and 153.00 could be next. If the price gets to 152.85-153.00, the chances are that fresh sellers might be waiting to sell the pair again towards 151.50 and above mentioned targets.
W H3 -1.2055 should give another upside boost to the pair.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
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Article by Admiral Markets
Source: GBP/JPY Bearish SHS Pattern Rejecting the Trend Line
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
