Start Of The GBPJPY DIP?

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.

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