GBPJPY double top/Head and Shoulders pattern.
GBPJPY hit a big resistance/ flip zone and created a double top here. What this shows is that a higher low (confirmed by a higher high) could not be made so there was an exhaustion of the trend.
We then broke below a support zone of 134.00 and the break and close was a strong red candle indicating strength.
With this uptrend over, we would expect multiple waves of lower highs and lower lows (downtrend).
Targeting 132.30 zone for my first take profit zone.
Take a look at the Yen futures as well. It made a nice break as well and has a nice pattern:
We then broke below a support zone of 134.00 and the break and close was a strong red candle indicating strength.
With this uptrend over, we would expect multiple waves of lower highs and lower lows (downtrend).
Targeting 132.30 zone for my first take profit zone.
Take a look at the Yen futures as well. It made a nice break as well and has a nice pattern: