DOAFK

GBPJPY Head & Shoulders Pattern Trade

Short
FX:GBPJPY   British Pound / Japanese Yen
GBPJPY looks to be rejecting the upper boundaries of the channel and in the last few weeks has formed a head and shoulders pattern. I have annotated this on the chart.

We are currently rejecting 141.00 and forming the right shoulder. There is signs of intraday rejections in this zone.

I have TP's set at the "neckline" at 139.500 and then a TP2 at 138.00 which is calculated using price forecasting.

Stop loss placed above the left shoulder highs.
Trade active: Short trade entered @ 140.800

Potential R:R of 5:1
Trade closed: stop reached: Stop loss hit.

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