GBP/JPY - more confident now about Inv. Head & Shoulder
Following today's spike in GBP, I am now more confident about GBP/JPY cross testing inverse head and shoulder neckline.
The first possibility was expressed here - GBP/JPY possible inverse head and shoulder by 15th/16th May
Pair's daily close above 158.49 (May 12 high) looks likely today and that opens doors for a ride towards neckline level seen around 162.30.
Hurdle at 161.41 (188.81-151.64) could stall the rally, although it is more likely to be taken out than not...given the falling prospects of Brexit.
The first possibility was expressed here - GBP/JPY possible inverse head and shoulder by 15th/16th May
Pair's daily close above 158.49 (May 12 high) looks likely today and that opens doors for a ride towards neckline level seen around 162.30.
Hurdle at 161.41 (188.81-151.64) could stall the rally, although it is more likely to be taken out than not...given the falling prospects of Brexit.
