GBP/JPY

GBP/JPY has been on a good run upwards and is now consolidated into what could be a rather ugly head and shoulders pattern. A defined level of support has been tested previously and there is likely a large number of stop loss orders that will be triggered should prices break below the shaded level. I do not have an opinion on how the price action will unfold, however what I am fairly certain of is that prices will move back towards the shaded area of support, and either a rebound or a break below it will generate a fast move in prices.

*This is not a recommendation to buy or sell, it is simply for informational purposes*

GBPJPY