GBPJPY analysis - week March 30 outlook

weekly and daily chart at market closing

Since the bulls could not sustain the price above 142.00, it seems that the inverse head and shoulder pattern is invalid; and the anticipated trend reversal failed to materialize; at least for now.

Meanwhile, the long wick of the weekly candle indicates that the bears are in temporary control. My immediate target is the bottom of the lower trendline (136.xx).

Should the beast penetrated the lower trendline; then, in my humble opinion, the bearish flag pattern on the weekly chart is validated and there is a possibility that 119.00 would be tested again within a couple of weeks.


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