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  4. GBP/JPY could form an ascending scallop pattern

GBP/JPY could form an ascending scallop pattern

December 20, 2016 07:58

The latest comments from BOJ Kuroda saw GBP/JPY going up. Generally he implied that weak yen can raise prices as import costs would rise but conversely weak yen might indirectly affect the output gap. He also mentioned that USD is strong and Yen is not weak and their monetary policies don't target Forex market. After his presser the GBP/JPY shot up.

Technically 145.60-80 is a POC zone (H3, trend line, DPP, 50.0, bullish order block) If we see a retracement the price could bounce from POC zone and ideally 1h/4h candle should close above 146.15 above EMA89 and upper escending trend line. Targets are 144.66 and 147.17. Spike above 147.17 targets 147.95 and in that case the ascending scallop pattern could be formed.

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