GBPJPY Chart Technical Outlook could be forming a bearish Head and Shoulders
The next medium-term barrier is not located until 176.06.
However, we have seen a stalling in bullish price action close to the previous swing high of 172.32. Furthermore, stock indices are also trading at critical levels. It is wise to look down to shorter timeframes.
The one-hour chart highlights the possibility of a Bearish head and shoulders pattern. On a break of 171.22, the measured move target would be 170.27.
It should be noted that on my trading system, we would look to buy the dip close to 170.18 and not sell the breakout. After all, the trend is your friend