GBP/JPY continues to rise after the recent completion of the high Quality Inverse Head and Shoulders chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 8 bar level as a result of the maximum Initial Trend and Clarity (both rated at the 10 bar level) and above-average Uniformity (6 bars). Higher Clarity indicates the wider-spread agreement among the market participants regarding the latest upward movement of this currency pair. The pair has recently broken up through the upper resistance trendline of this chart pattern (acting as its neckline) and is expected to advance further toward the Forecast Price 130.66.
As can be seen from the 30-minute Key Levels chart for GBP/JPY below, the completion of the above Inverse Head and Shoulders chart pattern coincided with the Breakout through the horizontal Resistance level 129.75, identified previously by Autochartist. Two breakouts in one direction increase the probability that this currency pair will rise further tomorrow.
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