GBP/JPY Head and shoulders formation

The head and shoulders pattern is almost complete (ALMOST!!) BUT we are still seeing some possible entry points into the market. The head and shoulders pattern will be complete once the price comes back down to the neckline and we can then expect a breakout move to the downside.

On this chart we see 2 possible entry levels into the market :
1 ) At this 136.60 level
Reasons: Head and shoulders formation nearly complete and we see lower volume on the right shoulder.
The 136.60 level serves as a resistance

2) Once price comes down to the neckline rendering the head and shoulders pattern complete
Reasons: Head and shoulders breakout pattern

Comment:

Still no clear direction from the GBP/JPY ..Will we see a increase in volatility and price making a big spike as we are used to seeing on the pound??

What are your thoughts on the matter ??

Comment:

There is that spike I have been mentioning