Gbpjpy head and shoulder
This chart represents a technical analysis of the British Pound/Japanese Yen (GBP/JPY) currency pair on a daily timeframe. It shows the following key elements:
1. Head and Shoulders Pattern: The chart indicates the presence of a potential Head and Shoulders pattern, a common reversal pattern in technical analysis. It consists of three peaks: the left shoulder, the head (the highest peak), and the right shoulder. This pattern suggests a possible trend reversal from bullish to bearish.
2. Break of Structure (BOS): The term "BOS" appears multiple times, indicating points where the price broke through previous support or resistance levels, which could signify a change in market structure or momentum.
3. Equal Highs (EQH): The label "EQH" highlights a level where the price reached the same high multiple times, forming a resistance level that could be significant in future price movements.
4. Price Levels and Zones: The chart marks various price levels:
PMH (Previous Month High) and PML (Previous Month Low): Indicate the highest and lowest price points from the previous month, respectively.
PDH (Previous Day High) and PDL (Previous Day Low): Mark the high and low from the previous trading day.
PWL (Potential Weekly Low): Suggests a potential low point for the current week.
5. Current Price Action: The current price is marked at 195.418, with buy and sell levels displayed at 195.486 and 195.351, respectively. This shows the bid-ask spread and suggests the market's current sentiment.
6. Future Price Projection: The chart outlines a possible future price movement, projecting the completion of the right shoulder, which could lead to a decline in price if the Head and Shoulders pattern plays out.
Overall, this analysis suggests that traders might be anticipating a bearish reversal in the GBP/JPY pair based on the Head and Shoulders pattern, supported by key price levels and market structure changes.
1. Head and Shoulders Pattern: The chart indicates the presence of a potential Head and Shoulders pattern, a common reversal pattern in technical analysis. It consists of three peaks: the left shoulder, the head (the highest peak), and the right shoulder. This pattern suggests a possible trend reversal from bullish to bearish.
2. Break of Structure (BOS): The term "BOS" appears multiple times, indicating points where the price broke through previous support or resistance levels, which could signify a change in market structure or momentum.
3. Equal Highs (EQH): The label "EQH" highlights a level where the price reached the same high multiple times, forming a resistance level that could be significant in future price movements.
4. Price Levels and Zones: The chart marks various price levels:
PMH (Previous Month High) and PML (Previous Month Low): Indicate the highest and lowest price points from the previous month, respectively.
PDH (Previous Day High) and PDL (Previous Day Low): Mark the high and low from the previous trading day.
PWL (Potential Weekly Low): Suggests a potential low point for the current week.
5. Current Price Action: The current price is marked at 195.418, with buy and sell levels displayed at 195.486 and 195.351, respectively. This shows the bid-ask spread and suggests the market's current sentiment.
6. Future Price Projection: The chart outlines a possible future price movement, projecting the completion of the right shoulder, which could lead to a decline in price if the Head and Shoulders pattern plays out.
Overall, this analysis suggests that traders might be anticipating a bearish reversal in the GBP/JPY pair based on the Head and Shoulders pattern, supported by key price levels and market structure changes.
Trade active
Note
Gbpjpy will fallNote
Keep hold Note
Sell nowNote
Keep holdNote
This pattern show it will fallNote
Ready forNote
Still active for sellTrade closed: target reached
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