GBPJPY Testing Neckline of Head and Shoulders Formation

GBPJPY charts are showing that price is testing the neckline of a head and shoulders formation, with the shoulders drawn near 159.30/50 and the neckline at 155.00. Indeed, uneasy risk sentiment, as indicated by declines in US equities once again today, suggests that carry trades may continue to pull back. A drop below 155.00 may target a rising trendline at 151, which connects the 1/23, 4/28, and 5/18 lows, and also denotes previous resistance.

[I]Source: FXTrek IntelliCharts[/I]