Forex technical analysis: GBPJPY's floor yesterday, is the ceiling today

Technical Analysis

Author: Greg Michalowski | gbpjpy

Head and shoulders too

The GBPJPY yesterday fell through a floor at the 150.54 level and extended that fall through the 50% retracement of the move up from November 28th low (at 149.956). Selling dried up and the price has wandered higher.


The move higher has returned to the old floor which now is a ceiling.  Sellers...this is where you want to find company as risk can be defined and limited against the ceiling.  Move above and the sellers are likely to give up, but stay below and we should see another test of the 149.95 level in due course.  

PS It kinda looks like a Head and Shoulder formation. The correction is re-testing the neckline.