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.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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