💱 GBPJPY - Head-and-shoulders pattern

1 Nov 2023

GBPJPY is forming a sideways range on the background of weak pound and radical decisions of Japanese authorities related to interventions, But as we remember, these methods affect the market short-term.

Prerequisites for the fall:
1) False breakdown in a reversal pattern format
2) Impact of interventions on Yen appreciation.
3) Price in a range. False breakout gives a signal to continue trading inside this corridor
4) There is a chance of price decline from 183.74 to 182.73.

Key support: 182.73, 181.26
Key resistance: 183.74