GBP/JPY Equidistant Channel Bearish Continuation
|The GBP/JPY has followed my previous analysis exactly as planned and even during summer holidays trading, this still remains one of the best pair to trade due to its high ATR(14)-121. At this point we have two potential POC zones, should the pair retrace. POC1 144.70-90 (38.2, bearish order block D H3) should reject the pair short term towards 144.00. But if the pair breaks 144.00 without any retracement to the upside target is D L3 - 143.74 and 143.40 - W L3/ATR Low confluence.
Have in mind that even if the pair retraces to POC2 145.15-35 (equidistant channel high, 50.0, bearish order block, EMA89, W H3, 61.8) it will still be bearish and the zone should provide a good rejection towards the POC1 and above mentioned levels. This setup will also be discussed on Session Recap webinar so feel free to join.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.