GBP/JPY Technical analysis

FX:GBPJPY   British Pound / Japanese Yen
The counter is brimming with bearish signals technically.
In the price action front, the pair has formed a double top pattern and broke its critical support of 146.327 as well.
A bearish trend line drawn from the highs is also pushing the price downwards.
In the indicator front, the RSI has formed a head and shoulder pattern in the hourly chart. The neckline of the pattern is resisting the bullish momentum.
And the entire structure can be attributed to a corrective ABC wave as well.
Hence, we expect the pair to continue its course to supports of 145.693 and 145.138.


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