GBPJPY Chart Technical Outlook is bearish, but timing is everything The daily chart highlights the cross building a large bearish head and shoulders formation. On a break of the neckline at 178.64 the measured move target is 170.05. What remains unclear is if the right shoulder has already been completed.
The intraday chart highlights a possible bearish Gartley formation completing at 183.23.
Timing is everything. Our preferred stance would be to fade a short position. The prime short entry would be 183.23.