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.
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
This article was originally posted on FX Empire