Signals for cross-rates: GBP / JPY retains the potential to decrease

The cross-rate GBP / JPY maintains a downward trend for a long time, which is caused by the general flight of investors from risks. At the moment, the pair has formed an ambiguous picture. On the timeframe H1, the formation of the figure “inverted head and shoulders” is traced, which indicates the possibility of the pair rising to the resistance level of 148.00-20. At the same time, a week-long downtrend remains in force and a common two-month trend.

Therefore, the transaction for sale should be considered after the resistance test 148.00, with a further resumption of the decline and a stop at 14820-30. Or, if you break through the support of 147.50 and stop at 148.00. Both goals are at the level of 146.00-30.

GBP / JPY  H4 chart. The current price is 147.70.

Hanzenko Anton