GBP/JPY Bears are Getting Stronger

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

The GBP/JPY retracement is having more space to the upside. However, if it gets to the POC zone, bears might get another push lower.

This market is currently in a retracement mode. We could see a move to the upside, followed by a possible rejection lower.  The POC zone is very close to D H4 camarilla pivot + 78.6 Fib. We should see a rejection within 140.09-140.37. If we get it, the price might drop further. The final target is 137.57. However if any Brexit deal is made, then the GBP/JPY will bounce above 140.60, negating this bearish setup.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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