GBPJPY: Potential Inverse Head and Shoulders Pattern

GBPJPY: Potential Inverse Head and Shoulders Pattern

GBPJPY is showing the possibility of forming a potential Inverse Head and Shoulders Pattern. The fundamental situation related to the Bank of Japan (BOJ) remains a bit confusing.

Government data released on Friday indicated that Japan's consumer prices are on track toward the BOJ's goal of achieving stable 2% inflation. However, this data wasn't strong enough to push the BOJ to rush into the next interest-rate hike, according to market analysts.

If GBPJPY continues its current bullish movement, a very strong resistance zone will be found near 191.90. A movement above this area will definitely confirm our pattern, and GBPJPY may continue to rise further to 194.30 and 197.80 in the coming days.

You may find more details in the chart!
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