Tuesday, March 10, 2020

GBPJPY - bullish formation

I am becoming more and more bullish for GBPJPY. On daily chart, it looks like:
(1) ABC correction has finished, and it may be forming wave 3
(2) I can see a large head and shoulder pattern - this is really big head and shoulder

I like this confluence. The only concern is that there is still risk of coronavirus shock, and yen could strengthen if the stock market volatility rises... So far the price is moving as expected. Let's see how it goes.

[GBPJPY - daily chart]

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