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GBP/JPY Bearish Price Action But Real Momentum is Below 135.15

Nenad Kerkez

Dear Traders,

The GBP/JPY has formed bearish pattern (small rooftop) at the resistance zone 135.90-136.05. The price was been dropping during the Tokyo Session and we might see a continuation during London and New York sessions.

As long as the price is held below 135.90, it is bearish. However, bears need a strong impulse towards 135.40 zone. If it breaks the next level to watch for is 135.15 which is a historical double bottom. The close below the level implies for more bears to come with a stronger momentum down. The final target is W L4 camarilla pivot 134.43. If the price reaches 135.15 and doesn’t break it, watch for an upside bounce.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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