FX:GBPJPY British Pound/Japanese Yen
Divergence in multiple indicators, A-E complete in ascending wedge after impulse leg. I used the .618 point on a retracement of the 3rd leg and structure to find my first TP as recommended for this pattern type. I mostly used structure for my second TP but I did keep that 1,272 in mind while picking a specific price to place it. Good Luck, hopefully we do not get any big gaps :)
When trading a head and shoulders pattern, look for it to be ascending after a bullish impulse leg and descending after bearish impulse leg. Identifying the pattern is important but understanding why the pattern works is even more important. Of course the price could go up, we will have to see. I do not take any new trades until Monday after London open.