GBP/JPY Bullish Marubozu Engulfing Candle Suggests Continuation

2 min read
tarantula fx

tarantula fx

Head of Trading

The dragon, so popular GBP/JPY and my personal favorite pair to trade has closed above the previous high on the daily chart. The pair has formed a Marubzou engulfing pattern that suggest bullish continuation next week, so buying the dips on the pair should be the strategy for next week unless something unexpected happens.

Major consolidation range has been broken to the upside and the pair has had progressive daily closes above M L3 (monthly L3 camarilla). The 1-2-3 pattern has been formed and the price broke through the point 149.26 suggesting further bullish pressure. 149.20-40 could be possibly bought on dips as 148.00 level seems very strong. Watch for retests of 150.00, 150.50, 151.74 and if 152.00 breaks camarilla suggests possibly 153.88 by the end of next week IF the bullish momentum (without consolidation) persists.

GBP/JPY Daily chart
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What is the forecast for USDJPY in lieu of the election in Japan