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GBP/JPY
The United Kingdom pound – Japanese yen pair that fell all the way from 140 down to 128, can still be found very close to its record low level and so, the expectation is that the pair still has a long way to go upwards. The pair shows the classic reverse pattern – Head and Shoulders. A clean break to the line that passes close to 129.80 (closure of the four hour bar above it) will confirm the realization of the reverse pattern.
Such a breakthrough can be expected to push the pair forwards towards the short term price target that we set for the pair relative to the first significant resistance level at around 132.10.
