Cross-rate signals: GBP/JPY is near significant resistance

The GBP/JPY cross, after a slight correction, remains under pressure, which is due to the general weakness of the pound. At the same time, the overall downward trend, which was traced last week, slowed significantly. An additional factor, indicating a decrease, is the formation of the figure “head and shoulders” on H4.

Thus, a decrease in the return from the level of 148.50 will indicate a support test of 147.60-70. And the break through of this support will indicate the development of the figure “head and shoulders“, which will serve for a deeper decline in the cross-currency GBP/JPY.

Fig. GBP/JPY. Current price – 148.20

Hanzenko Anton