The GBP/JPY, popular "Dragon" has formed a bearish SHS pattern just below the D L3 resistance. At this point, the price is trying to break 152.00 and reach 151.80-64. If the pattern stays firm, and the price goes below 151.64 then the pair could drop to 151.20. A spike above 152.50 and 153.00 could be next. If the price gets to 152.85-153.00, the chances are that fresh sellers might be waiting to sell the pair again towards 151.50 and above mentioned targets.
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
