GBPJPY Trade according to these levels

The GBPJPY pair has previously formed an Inverse Head and Shoulders pattern (IH&S) that hasn't yet fulfilled its levels. The reason is the Lower Highs trend-line that has been formed since the June 09 High. Only a break above that level, which caused a rejection yesterday, can initiate a new bullish wave, in which case our targets will be 168.535 and if the Channel Up breaks, then pursue the 1.5 Fibonacci extension of the IH&S.

Until that happens, we are on a short-term sell, targeting the Higher Lows trend-line. After that, only a break below the 1D MA200 (orange trend-line) can justify further selling.



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