GBP/JPY Double Bottom within POC Zone

The GBP/JPY might be a good mover today and this week due to its high ATR range which shows 163 average in last 14 days. The ATR is the tool that shows not just the range but the actual volatility of a given pair. The GBP/JPY aka “The Dragon” is currently in downtrend and the first POC comes within 141.00-20 zone (historical double bottom, H4,50.0, ATR pivot). In the case of further retracement up the pair might hit POC2 141.60-80 (historical master candle breakout, 61.8, ATR top) and reject. Targets are 140.50 and 139.30. If the pair makes a clear 1h momentum break of 4h close below 139.30 then 138.78 is next. Due to US holiday, Monday can be a bit slower than usual but volatility should resume later when Tokyo session kicks in.

GBP/JPY Chart
GBP/JPY Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

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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.