GBP/JPY Bearish SHS Suggests Further Losses

GBP/JPY Bearish SHS Suggests Further Losses

Dear Traders,

The GBP/JPY is bearish and we can see a potential for further losses. However any Brexit headline could spike the price up so be careful.

145.50-70 is the zone where the pair should reject. The GBP/JPY, popular “Dragon” should also make a 1h or 4h close below an X-Cross at 145.18 for a further continuation down. Intraday target is D L5/ W L3/ ATR low confluence around 144.85 and only a strong daily close below it, could further tank the price towards 144.05. Watch for momentum and volatility and apply profit stops if you trade GBP pairs.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.