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GBP/JPY Bullish SHS For Uptrend Continuation

Nenad Kerkez

Dear Traders,

The GBP/JPY has formed a bullish SHS pattern so we could see an upside continuation. However, W H5 camarilla is interim resistance.

140.00 has been essential for the uptrend move and this is where the signal for a long trade happened. The price is picking up momentum as we can see that the ATR(5) is 108 pips. A drop towards 141.00 could initiate another wave of  buying on m15 timeframe. Continuation will happen if the price makes a 4h close above W H5 141.62. Targets are 142.36 and 142.83.

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

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire