GBP/JPY - possible inverse head and shoulder by 15/16th May

FX:GBPJPY   British Pound / Japanese Yen
Too early to call this, but...

  • Recovery in USD/JPY             may be seen as talk of Q2 economic rebound and rhetoric from Fed officials indicates possibility of rate hike in June.
  • Furthermore, GBP/USD             could see a minor corrective rally before moving higher again..as long as Brexit vote does not gain pace.
  • Traders should keep an eye on a dip below left shoulder level of 155.00 as that could signal further losses.
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