GBP/JPY - inverse head and shoulder breakout
So finally, we are witnessing an inverse head and shoulder breakout. I have been calling for the same for almost a month now. The first post was published 27 days before where I anticipated the completion of inverse head and shoulder by 15th May. However, I am off by around 10 days.
Traders should watch out for day end closing .. if above 162.22 then we have a confirmation of bullish break, which shall open doors for at least 200-pip move on the higher side.
Note. the hourly RSI is overbought and could possibly indicate a bearish divergence. So we may see a corrective move tomorrow despite confirmation of bullish break today. But the dips are likely to be bought into.
Traders should watch out for day end closing .. if above 162.22 then we have a confirmation of bullish break, which shall open doors for at least 200-pip move on the higher side.
Note. the hourly RSI is overbought and could possibly indicate a bearish divergence. So we may see a corrective move tomorrow despite confirmation of bullish break today. But the dips are likely to be bought into.
