GBP/JPY –Inverse Head & Shoulder breakout on 1-hr chart
Hourly chart pattern
Inverse head and shoulder breakout, neckline now acting as a support around 131.34, which is also its hourly 200-MA
Also shows a bullish 50-MA and 100-MA crossover, and a possible 50-MA and 200-MA crossover
Outlook
Pair’s bullish hammer candle on Tuesday followed by a spike to a high of 132.27 on Thursday pushed the daily MACD above zero line an confirmed a temporary low at 129.07 levels.
The inverse head and shoulder breakout on hourly adds credence to the bullish view.
However, exhaustion around 132.00 in Asian session if followed by a break below daily low of 131.40 could yield a re-test of 131.00 handle before the next move higher is seen.
Inverse head and shoulder breakout, neckline now acting as a support around 131.34, which is also its hourly 200-MA
Also shows a bullish 50-MA and 100-MA crossover, and a possible 50-MA and 200-MA crossover
Outlook
Pair’s bullish hammer candle on Tuesday followed by a spike to a high of 132.27 on Thursday pushed the daily MACD above zero line an confirmed a temporary low at 129.07 levels.
The inverse head and shoulder breakout on hourly adds credence to the bullish view.
However, exhaustion around 132.00 in Asian session if followed by a break below daily low of 131.40 could yield a re-test of 131.00 handle before the next move higher is seen.
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