The GBP/JPY has formed bearish pattern (small rooftop) at the resistance zone 135.90-136.05. The price was been dropping during the Tokyo Session and we might see a continuation during London and New York sessions.
As long as the price is held below 135.90, it is bearish. However, bears need a strong impulse towards 135.40 zone. If it breaks the next level to watch for is 135.15 which is a historical double bottom. The close below the level implies for more bears to come with a stronger momentum down. The final target is W L4 camarilla pivot 134.43. If the price reaches 135.15 and doesn’t break it, watch for an upside bounce.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX