The GBP/JPY has been rejected from the W L4 level and at this point we see an intraday downtrend in the GBP/JPY with clear double bottom support. Price action shows both up and down movement but to me it looks like a potential momentum change especially because the price is below W L4 that makes a POC zone 146.05-28 (D H3/H4, trend line, EMA 89, ATR pivot, 50.0) and M pattern below. If the price re-enters the zone, it should be rejected again. if we don't see another retracement, pay attention to M pattern breakout below 145.26. Targets are 144.85 and 144.60.
Follow @TarantulaFX on twitter for latest market updates
Connect with Nenad Kerkez T on Facebook for latest market updates.
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)
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)