113.50 level new bearish target: GBP/JPY technical analysis
GBP/JPY technical analysis shows that a huge head and shoulders pattern has been activated across the lower and higher time frames. A decline towards the 113.00 level seems increasingly likely.
The four-hour time frame also shows that a larger bearish pattern has formed, which could see the GBP/JPY pair falling towards the 109.00 level.
Continued weakness below the 126.40 level should see the GBP/JPY pair remaining under heavy selling pressure.
GBP/JPY technical summary
GBP/JPY analysis points to a coming decline towards the 113.00 to 112.00 technical area. Bearish patterns are playing out across various time frames.