Thursday, March 8, 2012

GBPJPY Head and Shoulders topping pattern

The British Pound versus the Yen has created a significant Head and shoulders patter over the last few trading days and appears to be set to begin a fresh impulse to new lows. As the recent decline has penetrated the top of Wave A Green, it is unlikely that we are experiencing a Wave 4 Green Pullback. However, where we are in the larger time frame is still unclear to me.