GBP/JPY Possible Momentum Change Due to M Pattern

GBP/JPY Possible Momentum Change Due to M Pattern

The GBP/JPY has been rejected from the W L4 level and at this point we see an intraday downtrend in the GBP/JPY with clear double bottom support. Price action shows both up and down movement but to me it looks like a potential momentum change especially because the price is below W L4 that makes a POC zone 146.05-28 (D H3/H4, trend line, EMA 89, ATR pivot, 50.0) and M pattern below. If the price re-enters the zone, it should be rejected again. if we don’t see another retracement, pay attention to M pattern breakout below 145.26. Targets are 144.85 and 144.60.

GBP/JPY 1H 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.