The GBP/JPY pair has charted both the head-and-shoulders bearish reversal pattern and the descending triangle pattern on the hourly chart.
Hourly chart
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As seen above, the JPY cross is bouncing off the head-and-shoulders neckline support of 142.75. A break below that level would confirm a bear reversal and allow a drop to 140.66 (target as per the measured move method).
The pair, however, is more likely to move above 143.15 and confirm a descending triangle breakout as the primary trend is bullish – 5, 10-day MAs are trending north.
A descending triangle breakout, if confirmed, would open up upside toward the immediate hurdle at 143.60.
Trend: Bullish above 143.15
GBP/JPY
Overview:
Today Last Price: 143.05
Today Daily change: 28 pips
Today Daily change %: 0.20%
Today Daily Open: 142.77
Trends:
Daily SMA20: 140.7
Daily SMA50: 141.8
Daily SMA100: 144.38
Daily SMA200: 145.17
Levels:
Previous Daily High: 143.6
Previous Daily Low: 142.73
Previous Weekly High: 144.85
Previous Weekly Low: 140.62
Previous Monthly High: 145.52
Previous Monthly Low: 138.86
Daily Fibonacci 38.2%: 143.06
Daily Fibonacci 61.8%: 143.27
Daily Pivot Point S1: 142.46
Daily Pivot Point S2: 142.16
Daily Pivot Point S3: 141.59
Daily Pivot Point R1: 143.34
Daily Pivot Point R2: 143.91
Daily Pivot Point R3: 144.21
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