GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook overbought but dips continue to attract buyers although GBP/JPY is at overbought extremes, dips continue to find buyers. It is also difficult to get a technical picture of the current price action in the cross. It would be wiser to analysis the asset after the CPI figures.
However, I will highlight a possibility.
Trendline support at 182.90 needs to be breached before we have any mild confirmation of a change of trend. However, with the previous swing low of 182.37 located near the first confluence zone of 182.32, the initial dip could be bought. I would then look to the reverse trend line resistance and the possibility of a bearish head and shoulders pattern to take the cross lower.
I am not expecting a straight line trend after the inflation data.

We will be happy to hear your thoughts

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