The GBP/JPY has made a retracement to the POC zone but important news is expected today. UK Prime minister Theresa May is to set out her ‘Plan B’ for Brexit this afternoon.
Because of that, traders need to pay attention to price action and react quickly. The POC zone is 141.00-141.15. A close above 141.15 should make the price bounce towards 141.60, 141,89 and eventually 142.40.
However a close below 140.60 will pave a way to a deeper retracement towards 140.10-139.95 zone. Watch for any news as the headline risk is big. If you trade the GBP pairs do it with ½ of your normal risk.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX