GBP/JPY Bullish Reversal Setup with Inverted Head and Shoulders

6 Ara 2024

This 4-hour GBP/JPY chart illustrates an inverted head and shoulders pattern, a bullish reversal indicator. The left shoulder, head, and right shoulder are clearly marked, showing a potential bottoming formation. The neckline acts as resistance, with a "Buy Stop" placed just above it to confirm the breakout. A projected target of 196.318 is identified, aligning with the typical measured move from the pattern's neckline to the head. A stop-loss is set at 190.761 to manage risk in case of a reversal, ensuring a favorable risk-to-reward ratio. This setup suggests a potential upward move following a breakout above the neckline