justatrader

ALERT: GBPJPY Weekly (Potential Head&Shoulders in the making)

FX:GBPJPY   British Pound/Japanese Yen
291 0 8
Definitely worth putting into the watch list if no position on GBPJPY             .

Left shoulder, Head formed. Price trading near a possible neckline. A weekly close higher above 175.83 could signal a move to the upside to form the right shoulder expected near 187.532 - 183.065

Confluence of the long term trend line as well could offer dynamic support to prices. Invalidated if weekly price dips the trend line strongly. Would be hopeful for the H&S pattern if this week or the next few weekly sessions will see some kind of a doji close or a strong close above 175.834.

More to follow as the pattern develops.
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