By Admiral Markets
Although the targets have been hit after our previous GBP/JPY analysis, bullish sentiment still prevails as the dragon relentlessly flying towards 136.00 and further. Today’s early trading gave us more than 70 possible pips as shown in the live trading videos. There is still more room to the upside but we need to see if the pair will retrace or it will proceed without any retracement. The range (ATR) of GBP/JPY is huge so pay attention to 135.15, 134.60 and 133.10-25 bounce. June trend line that is sitting at 135.15 has been broken and the pair needs to have a 4h close to possibly proceed to 136.00. However 138.38 is H4 camarilla weekly pivot so in case of strong risk on and good GDP CPI data, it can hit it at the end of the week. Retracement towards 134.60 zone could provide buying opportunities in the form of retest trade so watch any reaction within the 134.60 zone. Strong POC comes within 133.10-25 zone too (bullish order block, EMA89, historical buyers) and pair should bounce towards above mentioned targets.
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Article by Admiral Markets
Source: GBP/JPY Bullish continuation in progress
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