GBPJPY zigzag in a strong uptrend

2 min read

2015-05-12_9-34-25

GBPJPY has broken through previous range ( marked in red ) and it is relentlessly going up. Trading is also about being patient, and for a big move we also need a big pullback. From the technical perspective we have a good confluence – POC in the 186.00-186.30 ( L3,DPP) zone. The buffer zone is bigger as GBPJPY has made 282.9 pips of previous ATR and 215 is the 5 day range (!). it also shows a PERFECT confluence at previous swing (blue line )which is a triple top and point breakout in the past with 38.2 fib. We also see a bullish trend line which is holding the pair in the upper range.

So if we get a pullback we should monitor POC as rejections could propel the pair up to 188.00 and 188.55 initially. Also H4 close above H3 level on the breakout without a pullback targets H4 camarilla level.

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read the original article on AdmiralMarkets.com