GBPJPY inverted head and shoulders

GBPJPY inverted head and shoulders

Key Support: 148.40 – 149.55
Key Resistance: 151.00 – 151.50

The GBPJPY has dipped from the break of the 151.50 earlier this week about 2.10% or 316 pips right to a massive level on the daily (BIG BUY ZONE).

At the bottom of the move the GBPJPY has created an inverted head and shoulders on the hourly and we are trading the breakout of this reversal pattern.
The calculated targets on a breakout (bottom of the head to neck) are exactly at the retest of the last broken key level, the 151.50.

Whilst this is in play the Japanese Yen is dropping (Yen Index -0.15% today) giving our long GBPJY the necessary boost to run for profits.

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Author : Orlando Gutierrez

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