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GBP/JPY May Soon Confirm Broad Topping Sequence

GBP/JPY May Soon Confirm Broad Topping Sequence

Paul Robinson, Strategist

GBP/JPY Technical Highlights:

  • GBP/JPY trading near big long-term support
  • H&S top could get validated soon if support breaks

GBP/JPY looked poised to rally not long ago, but a lack of confirmation and subsequent rejection took that off the plate. Instead, we are now left with an important test of support levels dating back a couple of years. The area in the vicinity of 148/149 has held on several occasions since March, but that may soon change.

The 200-day moving average is also in the thick of it. The March 2020 trend-line has been broken, so that threshold is gone as support, and if the stronger horizontal support breaks then we could see a head-and-shoulders pattern confirm. This could set swing traders up with a trade and a strong trading bias for those looking to play the shorter-term charts (i.e. 4-hr time-frame).

A daily, and preferably a weekly close given the duration of the pattern, below 14845 should do the trick in confirming a bearish bias. But support is support until it isn’t, so we need to respect it until broken. For those looking to make a play off support, should we see a forceful bullish rejection there may be some short-term juice to the top-side.

For the full details, check out the video above.

GBP/JPY Daily Chart

gbp/jpy chart

GBP/JPY Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.