2014 may be a not so good year for the GBPJPY bulls as the pair appears to have just broken down from a head and shoulders (kilroy) pattern. After reaching a high of 174.84 last January 2, the Japanese yen eventually rallied against the Sterling pound, leading the pair below its neckline at 170.70. At present, the pair may temporary see a support at its former resistance at around 170.00. Nonetheless, the pair may slip further towards a downside target of 166.00 – a previous support as well. Of course, the mentioned breakdown will be invalidated in the event the pair rises over its neckline at 170.70.
New to Forex trading? Open an account with IronFx now (kindly click here) and receive a 60% trading bonus on your initial deposit*!
*terms and conditions apply