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GBP/JPY: Pin Bar Signal

Published 01/24/2013, 01:21 AM
Updated 05/14/2017, 06:45 AM
GBP

/JPY
Attempting to recover after getting hammered since dropping almost 500 pips from the 17th of this month, the GBP/JPY has shown some potential price action reversal signals on the 4hr chart. A series of rejections manifested in a pin bar, and then another over a period of few days, with a small series of HLs (higher lows), suggesting a possible short term bottom.

If 139.60 holds, and it can clear 141 in the next push up, I suspect we’ll see an upside attack on 141.95, and potentially 144 again. However if the next swing up forms a LH (lower high), then we could see further selling and a retest of 139.25 .GBP/JPY
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