GBPJPY Chart Technical Outlook will build an inside Gartley at 183.23
It should be noted that USD/JPY price action stagnated close to 150.00. Most of the price movement within the cross is sterling-based.
The daily chart highlights a possible bearish head and shoulders pattern. We need to see a breach of the neckline at 178.64 to confirm.
On a shorter timescale, we have a possible Gartley formation completing at 183.23.
From a purely risk-reward outlook, selling rallies is the favored play.