Possible Head and Shoulders on GBPJPY

The price action of the GBPJPY could be developing a Head and Shoulders pattern following the release of the latest unemployment data in the UK.

A decisive breakdown below the neckline of the pattern at 155.370, which is underpinned by the 200-day MA (in orange), would confirm this.

The major target for such a new downtrend would be the previous swing low at 153.200