GBP/JPY pair might be about to fly if bullish developments on the 15-minute chart are anything to gy by.
However, second look at the chart tells me this could be a make or break level. Here is why..
- Pair is flirting with falling trend line, which is also
- the inverted head and shoulder formation
Take not that an inverted head and shoulder breakout has failed twice, but there is hope as long as the rising trend line support at 156.40 is not breached.
Heading into the weekend, there also a possibility of profit taking in short Sterling positions.
Overall, it appears the cross is likely to fly, but i would still wait and see if 15-min candles remain above confluence of falling trend line and Inv. H&S neckline and then kump onto longs.
Be vigilant as repeated failure to stay above confluence of support risks sending the pair down to 156.40