By Admiral Markets
The GBP/JPY rally and profit taking on short trades that happened on Friday has been negated by an early Monday drop and sell off. Brexit concerns are still weighting on the pound and investors tend to flee in the JPY safe haven. The GBP/JPY, popular “Dragon” dropped below the trend line and a subsequent retest of the POC zone might spur another sell off. 149.10-149.40 is the POC zone (D L4/L4, EMA89, 61.8 fib, trend line X cross). Rejection targets 148.55 and a strong h1 breakout or 4h below the 148.40 might target 148.00 and 147.83.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market update
Read the Camarilla trading blog
Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.