FxWirePro: GBY/JPY neckline breakout on inverted Head & Shoulder pattern; rallies intensified, digital calls to target at 194

Technical Insights (GBP/JPY):

On intraday chart, the pair has made a breakout of neckline at around 192.376 levels.

Overall pattern on the pair fixes it bullish view for a 196.10-20 and it's been a neckline breach of the Inverse head & shoulder. Alternatively if a retrace ends up coming off 194.05-15 and it may test 192.40 there is high probability that it rallies a bounce heading towards 196 levels as the bulls began buying with greater conviction and stronger pullback is observed after neckline breakout at 192.376 levels.

In addition to that bullish candles are popping up to show strength, while leading oscillators (RSI & slow stochastic) positive convergence with rising prices at current levels.

On hourly chart, RSI currently trending at 58.8830 while %K line crossover on stochastic at 42.7783 levels.

Thus far we've been sensing buying sentiments during Asian sessions and we predict this would continue to hold on to test targets 1^st - 194, 2^nd - 194.897 & 3^rd - 196.10-20 levels.

So, Buying ATM binary delta calls at declines may fetch handsome returns from current levels.