GBP/JPY Leaned head and shoulders

Nenad Kerkez Top-XE

The dragon – GBP/JPY pair has made leaned head and shoulders and the strength that we have witnessed has been mainly due to JPY weakness and equities rising. As equities drop we should see a drop in the GBP/JPY too. Pullbacks to 141.10-30 could show now moment sellers as there is a confluence of historical sellers, 61.8 and the right shoulder. Additionally, the right shoulder has a double top pattern. Daily candle is bearish too as we can see on our mini-chart. If we don't see a retracement but rather a direct drop we should pay attention to breakout of the pattern neckline below 138.95. If we see a 4h close or strong momentum below 138.95 next target is 136.40 while 134.55 is weekly target if bearish trend persists.

Author

Nenad Kerkez

Top-XE

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