GBPJPY - Potential inverse head and shoulders
Trade Idea
The medium term bias remains bearish.
Potential Head and Shoulders formation taking shape.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
We look for a re-test of the downward trending support.
Bespoke resistance is located at 129.45.
Further upside is expected although we prefer to set longs at our bespoke support levels at 129.45, resulting in improved risk/reward.
We look to Buy at 129.45
Stop: 129.00
Target 1: 131.90
Target 2: 132.50
The medium term bias remains bearish.
Potential Head and Shoulders formation taking shape.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
We look for a re-test of the downward trending support.
Bespoke resistance is located at 129.45.
Further upside is expected although we prefer to set longs at our bespoke support levels at 129.45, resulting in improved risk/reward.
We look to Buy at 129.45
Stop: 129.00
Target 1: 131.90
Target 2: 132.50
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