GBP/JPY continues to rise inside the –D- leg of a possible daily ABCD pattern about to reach completion.
The currency pair gained 0.52% so far since the beginning of the semester and our Market Statistics signals a 52.38% probability to see a monthly bullish candlestick forming on this market.
The Market Pressure and the Net Change presented a condition of bullish confluence and also the Algo Zones confirmed that the momentum indicators supported the indication provided by the other instruments.
Today GBP/JPY did not even make an attempt to reach the previous daily low as shown by the HLOC, so everything on our panel converged to validate the buy signal given by the Target Geometry at 146.828.
The market rallied 62 pips from the entry point surpassing target 4.
The market is currently pulling back toward target 1 at 146.935: should the level be breached, we could see an inversion, whereas in case it should hold, we might see a continuation of the bullish move.
