GJ Bearish Reversal Pattern
As you see in the 4H time frame, price has made a bearish reversal pattern in the form of a head & shoulders formation at the end of the uptrend.
Currently, the neckline (red resistance area) has been broken to the downside and price has been fixed below.
On the other hand, price has approached to the support level at 162.800 and was pushed to the upside.
For now, I expect a pullback to the resistance zone which is around 165.00 and then a continuation on the downside move towards the green line at 160.00 (159.900).
What is your idea about GBPJPY? Feel free to share.
Currently, the neckline (red resistance area) has been broken to the downside and price has been fixed below.
On the other hand, price has approached to the support level at 162.800 and was pushed to the upside.
For now, I expect a pullback to the resistance zone which is around 165.00 and then a continuation on the downside move towards the green line at 160.00 (159.900).
What is your idea about GBPJPY? Feel free to share.
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