The Pound
versus the Yen drops below Friday’s low around the 183.55 level and breaks
below the 183.00 level. The price came very close to the 182.00 level, but it
couldn’t reach that level. On the 15 minute chart of the GBP/JPY we can see
that after the price broke below the 183.00 level, it made a few pullbacks to that
level, but it could pass above it. It clearly shows that the 183.00 has been
acting as a good resistance, but a head and shoulders pattern may be
developing, which means that if completed, the price may change direction to
the upside. To the downside, the 182.00 may act as its next support.
The pair is testing 182.00 level.
ReplyDeleteLooks like is making an inverted head and shoulders pattern.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThe pair tested 182.00 but failed to break below that level.
ReplyDeleteVery good analysis, well explained.
ReplyDeleteVery useful analysis.
ReplyDeleteGreat analysis!
ReplyDeleteVery useful information, Thanks for sharing.
ReplyDeleteInteresting info, thank you!
ReplyDelete