Technical analysis of GBP/JPY
GBP/USD: two 'V-Bottom' patterns in a row
The pair is consolidating under the local downtrend line. The main intraday target is the next support at 1.3493 - 1.3457. If we have a pullback from this area, bulls will probably try to deliver an upward correction.
There're two 'V-Bottom' patterns in a row, so the market is likely going to test the 55 Moving Average in the coming hours. If this line acts as resistance, there'll be a moment to have another decline.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.