Сross-rates signals: GBP/JPY is in anticipation of a decline

After GBP/JPY pair ignored the “double bottom” figure on the H1 timeframe, the pair remains limited to trade in the range from 151.30 to 15.80. The range acts as a reversal. Fixing the pair below 151.30 will indicate the formation of a downtrend, which is embedded in the model of the movement “head and shoulders” on the timeframe H4.

The formation of this figure is limited to resistance levels: 151.80-90 and 152.40-50. It is possible to redraw the second shoulder at these levels. The fixing of the price below 151.30 opens the way to the support levels: 150.90-80, 150.20-30 and 149.80-40.

Fig. GBP/JPY chart H4. The current price is 151.50.

Hanzenko Anton