An inverse H&S has formed and market is set to go up!

Long

British Pound / Japanese Yen (FX:GBPJPY)

Updated

FX:GBPJPY British Pound / Japanese Yen

supportandresistance headandshoulders head_and_shoulder resistance_level gbpjpy technicalanalysis

I analyse the chart based on technical analysis. Here we can see the candles have formed above the neckline which indicate it is following the Head & Shoulder pattern and is ready to fly high once it make a retest when the market open. Now you can do your analysis and if it much up with my idea then you can also place a BUY position after the retest and confirmation. It is supposed to reach the major resistant level of price 135 if it keep obeying the H&S pattern. Do take trades on your own risk. I am not an expert to give you any trading advice. Always keep the capital safe and put a solid Stop Loss so you can trade for a long-time :)

Trade closed: target reached:

So the target and more has been reached within few days (I am updating this after many weeks)

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