GBP/JPY retreats further from two-week tops set on Wednesday. The technical set-up now seems tilted in favour of bearish traders. The GBP/JPY cross edged lower on Thursday and retreated further from near two-week tops set in the previous session. Despite the pullback, the cross has managed to defend 200-hour SMA support. Looking at a broader perspective, the cross seemed to have formed a bearish head & shoulders pattern on hourly charts. The neckline coincides with the above-mentioned support, around the 142.30-25 region. Given that oscillators on 4-hourly/daily charts have been struggling to gain any meaningful traction, a sustained break through might now be seen as a key trigger for short-term bearish traders. The cross might then turn vulnerable to break below the 142.00 round-figure mark and aim towards testing the recent daily closing lows support near the 141.25 – also the measured target for the bearish pattern. On the flip side, the 142.75-80 region now seems to act as an immediate resistance, which if cleared might negate the bearish set-up and lift the cross back towards the 143.25-35 supply zone. GBP/JPY 1-hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD trades in red near 1.3270 ahead of US data FX Street 2 years GBP/JPY retreats further from two-week tops set on Wednesday. The technical set-up now seems tilted in favour of bearish traders. The GBP/JPY cross edged lower on Thursday and retreated further from near two-week tops set in the previous session. Despite the pullback, the cross has managed to defend 200-hour SMA support. Looking at a broader perspective, the cross seemed to have formed a bearish head & shoulders pattern on hourly charts. The neckline coincides with the above-mentioned support, around the 142.30-25 region. Given that oscillators on 4-hourly/daily charts have been struggling to gain any meaningful traction, a sustained break through… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
